Set up electronic funds transfers

Setting up claim payments through EFT

Electronic funds transfer (EFT) allows you to receive claim payments from Priority Health by direct deposit to your bank account, rather than via a paper check Priority Health mails to you.

How to sign up for EFT

1. You must create or login to your prism account.  
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2. Click on Resources, and then Set Up EFT.
3. Complete and submit the Electronic Funds Transfer setup form.

Benefits of choosing EFT

• Saves time and trips to the bank
• Eliminates lost, delayed or stolen checks
• Gives you faster access to funds; many banks credit direct deposits faster than paper checks
• Easier to reconcile payments with bank statements
• Interest begins to accrue sooner
• Reduces paper
• Generates electronic reports available through Filemart
• Filemart files can be saved to your office computer for practice records

EFT (direct deposit) vs. ERA (electronic 835) 

EFT is the electronic transfer of money. ERA is the electronic transfer of data - in this case, claims and payment information, but not the actual money.

• An electronic remittance advice (ERA) is an RA that is sent to you through a HIPAA-compliant electronic data interchange (EDI).
• You don't have to sign up for ERAs to set up direct deposit. You can sign up for one or both.
• To receive ERAs, you must have compatible software.
• Some providers have reported saving as much as 40 hours a week by using ERA.