No, the only item required to receive EFT via ACH payments is a bank account.
What’s more, EFTs via ACH are more cost effective than many other forms of payment, including checks and virtual cards. Providers see an average savings of $3.04 for every claims check converted to an ACH payment.
When EFTs are used in combination with ERAs–which allows for automated reconciliation of EFT and ERA and automated posting–cost and time savings increase even more. Providers can save $7.21 per payment when they switch from checks and explanations of benefits to EFT and ERA.
Additionally, some health plans are offering virtual cards for claims payments instead of EFTs and believe that this complies with the standard. It does not. Providers have the option to say no to virtual cards, and all health plans must offer the healthcare EFT standard via ACH if it is requested.