Bipartisan legislation has been sponsored by Rep. Greg Murphy, MD, R-N.C., to ban the fees that hospitals and doctors must pay for electronic financial transfers.
Health insurers are required by the Affordable Care Act to provide medical practitioners with the choice to accept electronic reimbursements. However, a lot of them charge providers that want to utilize these EFTs between 2% and 5%. These transfers generate over 75% of revenue for Medical Group Management Association member clinics, at a cost of up to $1 million yearly.
The practicing surgeon Murphy stated in a statement on November 28 that
"fees associated with electronic transactions for physician services are an unnecessary and costly burden on providers and patients."
Greedy health insurers try to take advantage of physicians and patients at every turn in order to expand their own pockets. Similar to how we would never accept paying for direct deposit of our paychecks, patients and physicians shouldn’t have to pay excessive costs for electronic payments of necessary medical services.
Reps. Morgan Griffith, R-Va., Mariannette Miller-Meeks, MD, R-Iowa, Derek Kilmer, D-Wash., Ami Bera, MD, D-Calif., and Kim Schrier, MD, D-Wash. are among the other co-sponsors of the No Fees for EFTs Act. A number of trade associations within the sector, including the American Hospital Association, MGMA, and American Medical Association, support the measure as well.
"Insurers have reduced payout rates, made networks more limited, and imposed prior permission restrictions on doctors. But making doctors pay fees in order to get paid? "
This bill would provide much-needed relief to physician practices and represent a win for common sense,” stated Jesse M. Ehrenfeld, MD, president of the American Medical Association, in the same statement.
Stay connected with Zee Medical Billing for more News.
You are here: Home news 23-Provider Dermatology Clinic increases Patient Engagement and Clinic Growth with eClinicalWorks EHR and Healow Patient Engagement Solutions WESTBOROUGH, Mass., December…
You are here: Home news CMS finalizes prior authorization rule expected to save $15B CMS predicts that by finalizing this regulation, which would enhance the…
You are here: Home news Vista Medical Center East board members concerned about hospital finances; ‘We are working through this with everyone There are concerns…
