The Centers for Medicare and Medicaid Services (CMS) has issued a series of FAQs addressing Electronic Fund Transfers (EFT) and virtual credit card payments. The FAQs clarify the rights of health care providers when it comes to claims payment transactions by all health plans, including commercial plans.
Key issues addressed by CMS' FAQs include the following:
You can access CMS' FAQs on EFT transactions here. The American Medical Association also offers this clarification on electronic transactions.
Pennsylvania Medical Society (PAMED) members with questions on EFTs and virtual credit card payments can contact our Knowledge Center at 855-PAMED4U (855-726-3348) or KnowledgeCenter@pamedsoc.org.
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