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 (see below for a description of each form field).

Missing information from an EFT request may delay the EFT process. 

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.

Sign up for ERA

EFT form fields descriptions

• Provider Name: The provider group / facility billing name / name on the account
• Provider Federal Tax Id number (TIN): A federal tax identification number, also known as Employer Identification Number (EIN), used to show a business entity
• National Provider Identifier (NPI): A unique identification number for covered healthcare providers
• Assigning Authority: The organization that issued or assigned the TIN and/or NPI for this form. (i.e., IRS)
• Trading Partner ID, Vendor ID: The group / facility Vendor ID (PRPR) shown on remittance advice. Starts with either an 8, 9 or 6 (IPA)
• Provider contact name, phone, email: Contact person for the EFT request
• Financial Institution name, address, phone number: Name of the bank, address and phone
• Financial Institution Routing Number: 9-digit identifier of the financial institution of where the group / facility keeps an account to which payments are to be deposited to
• Type of Account at Financial Institution: For Checking, enter 00. For Savings, enter 01.
• Groups / Facilities account number with the financial institution (include leading zeros): The account number of the financial institution of where the group / facility keeps an account to which payments are to be deposited
• Account Linkage to Provider Identifier: Field to show if the account is checking = 00 or savings = 01
• Reason for Submission: New, Change or Cancel
• Electronic Signature of person sending the EFT enrollment : The person authorizing the EFT set up
• Printed name of person sending EFT enrollment: First name, last name first name, last name = enter same name in both spots; it is an electronic signature