Electronic Fund Transfer – EFT
EFT is the best way to collect money on time – ELECTRONICALLY!
Even when the waiting room is overflowing with patients, the doctor’s overdue receivables are often lagging. More than 30 percent of Americans don’t have health insurance. Those that do still often pay 20% co-insurance. Many doctors don’t collect 50% of the monies owed to them. Indeed, one doctor states that 69 percent of his receivables were more than 90 days past due!
Many doctors often carry tens of thousands of dollars on their books, knowing there’s a good chance they’ll never see this money. Doctors know they’ll treat people who can’t or won’t be able to pay.
The Solution is EFT
EFT is the transferring of funds from one bank savings or checking account to another account. This electronic transfer process is also known as Funds Sweep, Direct Debit, Direct Credit, and Direct Deposit, Automatic Checking, Automatic Payment, ACH Processing, etc.
EFT software and ACH processing by Stagton Practice Management provide automatic payments for practices of all sizes. Our EFT software allows us, to process automatic deductions from the patient checking or savings account. These automatic deductions are pre-authorized for a specific amount and specific day of the month. The funds are then electronically deposited into the doctors’ accounts. For the patient, it’s a monthly bill that he or she can budget for, knowing they are staying on top of their bills. For the doctor, it a steady revenue stream of formerly uncollected payments. This process allows doctors to collect monies owed without harassing or alienating patients or waiting months.
We process the data through the ACH and deposit the money into the provider’s account on time! We provide complete and accurate reporting of every transaction. The Automated Clearing House (ACH) is the electronic network to which 95% of the nation’s banks belong to – including the Federal Reserve.
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