ELECTRONIC FUNDS TRANSFERS & REMITTANCE ADVICE TRANSACTIONS

Electronic Funds Transfers & Remittance Advice Transactions

The U.S. Department of Health and Human Services (HHS) released standards for electronic funds transfers and electronic remittance advice transactions for health plans’ electronic payments to healthcare providers.

The Interim Final Rule, released in 2012, does not require healthcare providers to accept payments electronically. However, effective Jan. 1, 2014, if a provider wants to receive payment electronically, a health plan must oblige and conduct the transaction in compliance with standards identified in the Interim Final Rule.