EFT in Medical Billing
EFT stands for Electronic Funds Transfer, a method of electronically transferring payments from insurance companies to healthcare providers.
EFT in Medical Billing Explained
In medical billing, EFT allows insurance companies to directly deposit payments into a provider’s bank account, reducing the need for paper checks and speeding up the reimbursement process.
For example, a healthcare provider receives payment for a patient’s claim via EFT directly into their business account.
Discover common acronyms and abbreviations in Medical billing glossary.
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