Hospitals Could Save $9 Billion Under EFT Rules, HHS Says

Susan Turney, MD, president/CEO of the Medical Group Management Association-American College of Medical Practice Executives, says her organization "strongly supports" the regulations adopting EFT and ERA.

"Receiving and processing paper checks is cumbersome and inefficient. These standardized operating rules will increase efficiency and allow practices to allocate resources to patient care instead of wasteful administrative tasks," Turney said in prepared remarks.

The regulation takes effective upon its publication in the Federal Register on Friday. The comment period closes Oct. 9. The compliance date for operating rules for the healthcare electronic funds transfers and remittance advice transaction is Jan. 1, 2014, HHS said.