As previously communicated, Independence will be implementing a new electronic funds transfer (EFT) requirement effective January 1, 2019. All participating providers must register for and maintain EFT capability for the payment of claims, capitation, and incentive-based programs. EFT registration enables a direct electronic payment from Independence to your bank account versus mailed check payments that can be lost or take several days to reach you.
Note: This new requirement will be reflected in the Provider Manual for Participating Professional Providers and the Hospital Manual for Participating Hospitals, Ancillary Facilities, and Ancillary Providers once the EFT requirement becomes effective.
The benefits of EFT
There are several benefits of using EFT over conventional paper-based methods, including:
- higher security
- faster access to funds
- reduced administrative processing time
Registration for EFT must be completed no later than January 1, 2019, through the NaviNet® web portal by an individual who is authorized to access and maintain banking information for your organization. Note: This individual will be required to attest as the designated responsible party when first accessing the EFT registration screen.
We encourage you to begin the registration process early so that you are compliant by January 1, 2019. You may choose an alternative effective date, but that date may not be later than January 1, 2019.
Please review the detailed EFT Attestation and Registration Guide, which is available in the NaviNet Resources section.
If you currently do not have an account with NaviNet, please call us at 215-640-7410.
For more information on this requirement, please review the EFT requirement: Frequently Asked Questions (FAQ) document, which can also be found in the Frequently Asked Questions archive on Independence NaviNet Plan Central. Note: The FAQ will be updated as more information becomes available.
If you have additional questions or need help with the registration process, please contact the eBusiness Hotline at 215-640-7410.
Updates on this EFT requirement will be communicated in future Partners in Health UpdateSM articles.
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