AMA Urges CMS to Rethink New Method of EFT Payment Method via ACH

Part of a growing trend, insurance companies are issuing plastic and virtual cards to practices rather than depositing funds directly into physician accounts. The American Medical Association (AMA) wants the Centers for Medicare & Medicaid Services (CMS) to rethink these methods of payment since physicians are getting less than the negotiated prices for services. These cards have the potential to cut physician pay by as much as 5% after transaction fees, as insurers casually leave behind traditional practices of EFT’s due to cash-back incentives. For health plans these cards are a revenue generator and for practices—a revenue drainer.

Click here to read, “What do I need to know about payer and patient credit cards?” published by the American Medical Association, 2012

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