ClaimTek - Medical Billing (800) 224-7450

Electronic Fund Transfer - EFT

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Just Look at the Benefits of EFT:

  • EFT MEANS ON TIME PAYMENT - Doctors no longer need to wait to get paid. Patients account is debited on the due date.
  • EFT IMPROVES CASH FLOW - No more "The check is in the mail" excuses; it's in the doctor's account.
  • EFT MEANS LESS PAPERWORK - For you as billing service, EFT reduces the need to stuff envelopes and mail invoices. For the doctor, EFT means no opening of envelopes, running to the bank - the funds are deposited directly into his or her account.
  • EFT GIVES YOU NSF CONTROL - Returned items are immediately identified and you can electronically resubmit them.
  • EFT IS SAFE - Payments can only be made on specified dates and for specified amounts and are electronically tracked. Over 5.3 billion electronic transfers were made through the electronic banking system last year.
  • EFT IS AUTOMATIC & CONVENIENT - Once you set up the information in the software, just push the button to collect the money. Our processing center does all the work and deposits the collected funds into your doctor client's account.

EFT Provides These Clear Advantages for the Patients:

  • Eliminates time paying bills
  • Reduces costs of checks and envelopes
  • Eliminates postage costs
  • Know exact date payment will be deducted from account
  • Bills paid even when away from home, and eliminates embarrassment of second billing notices and late payment charges

Benefits of EFT to your Billing Service:

  • Increase efficiency in your business: saves time and labor
  • Decrease operating expenses: No need to print and mail monthly statements.
  • Add credibility, professional Image, and product diversification to your new billing service
  • Gain a competitive edge over your competitors by offering comprehensive electronic services
  • Expand your business potential: Tap into other business territories. EFT is not limited to the medical industry. Practically any "membership" type business or any business with monthly billing cycle is a potential client. (i.e.: Fitness clubs, rental companies, tanning centers, security alarm companies, storage companies, pest control...etc.). An independent study found that the average cost for a business invoice is $4.00-$5.00. Let's say you have 10 businesses and processing 100 transaction for each business at $1.50-2.00 per transaction. It adds up to a considerable income. Now do the calculations for 50 or more businesses. The possibilities are unlimited!