What is “EFT” in medical billing?

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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