New CAQH CORE Tool to Assist Providers with Maximizing the Benefits of EFT Payments

Making EFT Work at Your Provider Organization Contact Your Banks! Does your organization currently or plan to receive payments via EFT? CAQH CORE is pleased to announce the release of a new tool for providers to assist with reassociation of electronic funds transfer (EFT) payments with remittance information received on an electronic remittance advice (ERA): asample letter a provider can email to its banks or use as talking points for a phone or in-person meeting with bank contacts to request delivery of key reassociation data. Because the current HIPAA-mandated standards for EFT and ERA travel separately from the health plan to the provider, providers must reassociate the two transactions using a TRN Reassociation Trace Number data segment. The ACA-mandated EFT & ERA Operating Rules include requirements to make EFT and ERA reassociation easier for providers, however financial institutions do not automatically send the Automated Clearing House (ACH) Payment Related Information to providers. Providers must request delivery of the ACH Payment Related Information from their banks. This new tool from CAQH CORE, i.e. theSample Provider EFT Reassociation Data Request Letter, will help facilitate such a request and ensure providers have all the data necessary to successfully reassociate EFTs and ERAs.