ERA EFT Overview 2025

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The document outlines the enrollment process for Electronic Funds Transfer (EFT) for medical claims and capitation payments with Aetna. It details the benefits of EFT, including faster payment processing and the elimination of paper checks. The document provides instructions on completing the enrollment form, required documentation, and signatures needed from authorized personnel. It also explains how to manage banking information changes, email notifications for EFT transactions, and access to electronic remittance advice. Additionally, it emphasizes compliance with NACHA guidelines and the importance of using a participating bank.

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What are the 4 types of EFT electronic funds transfers systems?

Types of EFT payments ACH direct deposit. Direct deposit is a type of ACH transfer most commonly used to issue employee paychecks from employers. ACH direct payments. ACH direct debits. Wire transfer. ATM transactions. Debit cards. Peer-to-peer payments. Any electronic payment sent using bank account information.

What is the ERA format in medical billing?

An Electronic Remittance Advice (ERA) is the electronic format of file 835. It contains the claim details and essential documents related to payments like claim status, benefits coverage. Insurance providers usually issue ERAs to healthcare providers.

What is the difference between an ERA and an EOB?

EOBs are traditionally paper documents mailed to patients, whereas ERAs are electronic documents intended for providers. An ERA typically provides more detailed information than an EOB, including codes for procedures and diagnoses, payment details, patient responsibility amounts, adjustments, denial reasons, etc.

What are the 4 most common types of electronic fund transfer?

EFT is a generic term for which there are two basic EFT transaction types: Wire transfers. Automated Clearing House (ACH) transactions.

What is ERA and EFT?

What is ERA EFT? Electronic remittance advice (ERA) is an electronic version of the explanation of benefits (EOB) for claims payments. Electronic funds transfer (EFT) transmits funds for claims payments directly from a health plan into your bank account.