Streamline Your Billing With ACH EFT
A growing number of dental and medical businesses are transitioning to the low cost and lower risk payment alternative available through Automated Clearing House (ACH), which has been in place since the 1970s.
There are multiple electronic fund transfer (EFT) options available that accept and disperse payments between financial institutions. What sets ACH apart from alternatives are its batch processing system that accumulates ACH transactions throughout the day for processing later. According to NACHA, which governs the ACH network, nearly $52 trillion was transferred through ACH in 2018, an increase of 10 percent over the previous year.
StrongBox eSolutions, based in Boca Raton, FL, offers ACH EFT payments through our online Revenue Cycle Management platform. Offering ACH payments is part of our commitment to delivering efficiency, profitability, and security to the healthcare provider marketplace.
Benefits of Using ACH
The number of transactions performed through ACH grows each year. Here are a few of the reasons more and more businesses are beginning to incorporate ACH payments into their billing and payment options.
- Paperless billing: ACH allows your medical or dental practice to reduce paper usage. All ACH transactions are performed electronically, leading to greater cost savings and shorter processing times.
- Lower payment processing cost: If your medical practice is relying on credit card payments, you are spending 5 percent of the transaction amount every time you process a payment. That out-of-pocket expense cuts into your profits. The standard ACH EFT is $.34 per transaction.
- Trusted brand: ACH is the preferred means of transferring funds for payroll, government benefits, tax payments, and annuities. Many of your patients will already be familiar with ACH.
- Pushed funds: Any direct payment processed through ACH pushes funds into an account. Automatic payments can be initiated by a business that pulls funds from an account.
- Fast processing: Most transactions performed as either an ACH credit or ACH debit generally happen by the next day. NACHA requires that ACH credits settle in one to two business days and ACH debits settle on the next business day.
- Free time for your staff: Manual transactions like running credit cards or depositing checks take time away from your employees.
- Reduce fraud: Doctors are often the target of fraud. One way to avoid the risk posed by stolen checks and fraudulent credit cards is to use the secure ACH network.
- Simplify and streamline: ACH EFT payments are easy to track and manage without the need for burdensome paperwork. ACH EFT allows for simplified payment reconciliation.
Easy Payment Processing
Once you partner with StrongBox, your patients can easily pay for procedures and create installment plans, pay for pre-pay services . Our easy to use practice administrator driven secure web application allows patients to make an ACH EFT in five easy steps.
- Pay the provider balance
- Select the payment amount/create installment plans
- Select ACH EFT from one of several payment methods
- Secure billing address for security purposes
- Confirm payment and receive a confirmation email
That’s it! The patient then reviews their payment confirmation and payment details.
Learn How Our RCM Solutions Can Deliver Efficiency, Profitability, and Security for Your Business
Many of our competitors offer online payment options, but only StongBox can originate payment. We also offer a wide range of RCM and financing solutions that are all designed to provide security, savings, and boosted productivity. If you are ready to integrate ACH EFT options into your payment and billing systems, contact our Boca Raton, FL office online or call (855) 468-7876.