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Congressman introduces Bipartisan Bill to Ban Electronic Fund Transfer Fees Paid by Physicians
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
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.
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.
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