Electronic Claim Filing
Get Faster Reimbursement with Electronic Claim Filing
What is the fastest way to receive claim payment from an insurance
company? Electronic Funds Transfer (EFT). Now hospitals, physicians,
and other providers that submit 60 percent of their Blue Cross and
Blue Shield of New Mexico (BCBSNM) claims electronically for the
last 90 days can receive their payments via EFT.
What is Electronic Funds Transfer?
EFT is a form of direct deposit that allows the transfer of BCBSNM
payments directly to a provider's designated bank account. EFT is
identical to other direct deposit operations, such as paycheck deposits,
and can speed the reimbursement process by three to five days. Reimbursements
by EFT are made twice a week.
Electronic Advantages
- Reduces the amount of
paper in your office.
- Eliminates the risk of
your paper checks being lost or stolen in the mail or of a delay
in delivery.
- Saves you the time and hassle of going to the bank to deposit
checks.
- Speeds funds to your bank
account, where they can start earning interest immediately --
paper checks can take as long as one week to process.
- Immediate response to
claim errors prior to entering the processing system.
- Claims can be submitted
electronically 24 hours a day, seven days a week.
You will still receive a paper copy of your Provider Claim Summary;
the only difference is that the check number will begin with an
E, indicating electronic payment. We also offer Electronic Remittance
Advice (ERA) coordinated with the EFT process. If your practice
management system can accommodate ERAs, you will be able to automatically
post payments to your patients' accounts.
The EFT program is designed to reward providers who appreciate
the cost and time savings that are achieved by submitting claims
electronically. To determine if you qualify for EFT, please call
the THIN EDI Helpline (972-766-5480) to receive your EFT/ERA
Enrollment Forms or visit the THIN
(The Health Information Network) Web site.
For more information, view Common
EFT Questions and Answers.
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