Get the free Electronic Remittance Advice and Electronic Funds Transfer Enrollment

This document is a guide for healthcare providers to prepare and submit their enrollment requests for Electronic Remittance Advice (ERA) and Electronic Funds Transfer (EFT) with Aetna. It outlines

How to fill out electronic remittance advice and

How to fill out Electronic Remittance Advice and Electronic Funds Transfer Enrollment

1. Gather the necessary information including your bank account details, business name, and tax identification number.
2. Access the Electronic Remittance Advice (ERA) and Electronic Funds Transfer (EFT) forms provided by your payer or clearinghouse.
3. Fill out the ERA form by entering your banking details and ensuring all required fields are completed accurately.
4. Review the completed ERA form for any errors or missing information.
5. Submit the completed ERA form according to the instructions provided by your payer or clearinghouse, ensuring to keep a copy for your records.
6. Complete the EFT Enrollment form by filling out your bank account information, including the account number and routing number.
7. Double-check the EFT Enrollment form for accuracy before submission.
8. Send the EFT Enrollment form to the payer via the specified method (online submission, email, or physical mail).
9. Monitor your account to confirm that payments are being deposited as expected.

Who needs Electronic Remittance Advice and Electronic Funds Transfer Enrollment?

1. Healthcare providers who receive payments from insurance companies or government programs.
2. Entities that prefer electronic payments for efficiency and faster access to funds.
3. Practices that want to simplify their payment reconciliation process.

People Also Ask about

What is the electronic remittance advice?

EFT remittance advice is a document sent by a customer to notify suppliers of a payment processed through Electronic Funds Transfer (EFT), such as ACH, electronic check, wire transfer, bank transfer, or direct deposit.

What is electronic payment remittance?

What is the meaning of Remittance? Payment remittance is a money exchange using a transfer. One party will send funds to another individual or entity, typically using electronic transfer or wire submission. Transactions of this kind are often done internationally and can be completed almost immediately.

What do I do when I receive a remittance advice?

Instead, it is seen as a courtesy. Similarly, as a business you do not need to do anything when you receive remittance advice. This is different from the SEPA Direct Debit process, where it is mandatory for the payee to inform the payer promptly of an incoming debit.

What are the benefits of ERA?

ERAs were created to address the high administrative costs of healthcare, the increasing volume of transactions, and the rising demands for compliance. They automate processes and speed up the revenue cycle, significantly decreasing the time required for data entry, payment verification, and posting work.

What is electronic fund transfer in English?

What is an EFT payment? An electronic funds transfer (EFT), or direct deposit, is a digital money movement from one bank account to another. These transfers take place independently from bank employees.

Is remittance advice a refund?

Description. If you make payments to suppliers, you can create a remittance advice to let them know you've paid. This is useful if you're making one payment which covers several invoices. If you need to refund a credit note or a customer, you can also create a remittance.

For pdfFiller’s FAQs

What is Electronic Remittance Advice and Electronic Funds Transfer Enrollment?

Electronic Remittance Advice (ERA) is an electronic document that provides detailed information about healthcare claim payments made by payers to providers. Electronic Funds Transfer (EFT) Enrollment allows healthcare providers to receive payments directly via electronic transfer to their bank accounts.

Who is required to file Electronic Remittance Advice and Electronic Funds Transfer Enrollment?

Healthcare providers, including physicians, hospitals, and other entities that submit insurance claims, are required to file Electronic Remittance Advice and Electronic Funds Transfer Enrollment to streamline payment processes and ensure timely reimbursements.

How to fill out Electronic Remittance Advice and Electronic Funds Transfer Enrollment?

To fill out the ERA and EFT Enrollment forms, providers must provide their practice details, bank account information for EFT, and necessary identification numbers. It is important to follow specific instructions outlined by the payer or relevant authority to ensure compliance and correctness.

What is the purpose of Electronic Remittance Advice and Electronic Funds Transfer Enrollment?

The purpose of ERA and EFT Enrollment is to facilitate faster and more efficient payment processing for healthcare services, reduce administrative burdens, and ensure accurate financial tracking between healthcare providers and payers.

What information must be reported on Electronic Remittance Advice and Electronic Funds Transfer Enrollment?

Information that must be reported includes provider identification numbers, practice details, banking information (such as routing and account numbers), and the payer's details, as well as any information required by specific payers for processing payments.