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What is EFT?
Electronic Funds Transfer (EFT) is a method used to transfer funds from one bank account to another bank account, eliminating the use of paper checks. It is widely used by all of the largest banks and corporations because it is more efficient and secure than payment by paper checks.
What are the benefits of EFT?
EFT is a completely secure way to get reimbursed. It allows funds to reach your bank account three to seven days faster than payments by paper check, which must go through the mail and require a trip to the bank for deposit.
Are there any restrictions?
If your bank or financial institution is located outside the United States, you are not eligible for EFT. Also, U.S. banks must have an ABA routing number in order to receive funds electronically.
How do I find my Routing Number and Account Number?
The easiest way to find these numbers is to look at the bottom of a check from your bank. You may also contact your bank or financial institution for this information. See sample check below.
Why must my financial institution be in the United States?
Passport Health Plan (PHP) can only disburse payments using U.S. dollars. The system we use is only designed to handle payments made in the U.S.
Are there any financial institutions that cannot accept EFT?
All U.S. financial institutions with an ABA routing number can accept EFT.
Do I need to notify my bank or financial institution to set-up EFT?
No. Once you have completed the onlin enrollment process, Emdeon will coordinate with your bank to set-up EFT and enable funds to be transferred electronically.
Will my financial institution charge me for EFT deposits?
Most banks do not charge for EFT deposits. You may want to contact your bank to make sure. PHP and its bank will not impose any fees for EFT.
What information is required to enroll in the EFT program?
- You bank's name and address;
- Your bank account type (i.e. checking or savings);
- Your bank's nine-digit routing or ABA number;
- Your complete bank account number, including leading zeros as applicable;
- The primary bank account holder's name;
- The primary account holder's tax ID number;
- The payee ID number, as it appears on your current remittance advice; and,
- The last two PHP remittance advices, including the cover sheets and payment amounts.
What is an ABA routing number?
An ABA rounting number is a nine-digit number assigned by the American Bankers Association (ABA) with accredited banks and financial institutions. See sample check below.
What if my bank account information changes?
It is vital that you maintain current and accurate information on your PHP EFT account.
To update your banking information, visit Emdeon on the web at www.emdeon.com. Select "Provider - Emdeon Payment Manager" from the Product Shortcuts drop down menu on the right.
Login using the center option at the top of the apge and proceed with your update by following the instructions provided to change your banking information.
What if there is a problem making a payment using EFT?
Most problems will be handled directly between PHP and your bank. However, should you notice a problem regrading this process, please contact our Provider Services department at (800) 578-0775.
If I sign up for EFT, can I decide to go back to paper checks?
Yes. Simply login to your account at www.emdeon.com and follow the instruction to disenroll.
If I sign up for EFT, what will happen to my paper remittance advice?
Once you sign up for EFT, your paper remittance advice will be discontinued in 90 days. You can always view your remittance advices through your account on the Emdeon web site, which features enhanced search capabilities.
Emdeon's Provider Payment Manager boasts user-friendly tools for viewing electronic remittance and tracking payments. Your account serves as a central location for storage and retrieval of remittance advices and payment data.
For more information on the features of this exciting new service, visit Emdeon's web site at http://www.emdeon.com/ProviderSolutions/physicians.php.
Will my capitation payments be distributed via EFT?
Yes. When you sign up for EFT, you will begin to receive your capitation payment via EFT.
If I sign up for EFT, what will happen to my paper capitation report?
Once you sign up for EFT, your paper capitation report will be discontinued in 90 days. You can always view your capitation reports through your account on the Emdeon web site, which features enhanced search capabilities.
Emdeon's Provider Payment Manager boasts user-friendly tools for viewing electronic capitation and tracking payments. Your account serves as a central location for storage and retrieval of remittance advices and payment data.
For more information on the features of this exciting new service, visit Emdeon's web site at http://www.emdeon.com/ProviderSolutions/physicians.php.
Will EFT have any impact to my current 835 (ERA) process?
No. Signing up for EFT will not impact the electronic remittance advice (ERA) you are currently receiving from your EDI vendor. However, if you do not already receive remittance advices electronically, this might be a good time to consider Emdeon's free ERA services.
My practice has more than 15 practitioners. Will I still be able to sign up for EFT online?
No. Emdeon’s online EFT registration is for practices with less than 15 practitioners. If your practice has 15 or more practitioners, contact Emdeon at (877) 363-3666 to speak wit a representative. Emdeon will work with you to enroll your practice in EFT.
My practice has more than one bank account. How will Emdeon be able to tell which bank account to use?
Emdeon can send your payments to different bank accounts at your directions. To arrange payment to different bank accounts, contact Emdeon at (877) 363-3666.
How can I contact Emdeon for personal assistance?
For personal customer service, call ( 877) 363-3666.
What is phishing?
Phishing is a type of deception designed to steal your identity. In a phishing scam someone is trying to get information from you, such as passwords, account numbers, or other personal information, by convincing you to relay the information under false pretenses. Phishing schemes usually come via spam e-mail or pop-up windows.
What can I do to protect myself and others from phishing scams?
- Never respond to requests for personal information via e-mail;
- Visit web sites by typing the URL directly into your Internet address bar;
- Check to make sure the web sites you frequent are using encryption;
- Review your banking statements routinely for any unauthorized activities; and
- Report suspicious sites and senders to the proper authorities.
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