Electronic Funds Transfer
Electronic Funds Transfer (EFT)
What is EFT?
EFT, or direct deposit, electronically deposits claim fee-for-service and capitated payments directly into your back account.
What are the benefits of enrolling in EFT?
- Eliminate paper check mail delivery and handling.
- Access funds on the same day of the deposit.
- Increase efficiency and improve cash flow.
- View a separate remittance report online for each deposit, which shows the:
- Deposit transaction
- Details about the claims processed
- Payments included in that fund transfer
- Easily reconcile payments using a single remittance tracking number:
- Ask your bank to provide the payment related information from field 3 of record 7 on the EFT report they send to you
- “Reference Identification Field” (or TRN02) on your ERA
- Number located on your online remittance report
EFT enrollment guidelines
- For savings account deposits, verify that your bank will support EFT.
- The enrollment process typically takes four to six weeks.
- If you use more than one Taxpayer Identification Number (TIN), you must complete a separate enrollment for each.
- If your TIN, billing address, or bank account changes, you must submit a change request by logging in to the Cigna for Health Care Professionals website (www.CignaforHCP.com) > Working With Cigna > Manage EFT Settings.
- EFT is not currently available for payments associated with patients with GWH-Cigna and "G" ID cards.
- If a remittance report for a patient with a Cigna Choice Fund reimbursement account (HRA, HSA, FSA) is not included with the Cigna medical payment, it will be mailed to you within 48 hours.
Enrollment in EFT- two options
- Enroll in EFT with multiple payers, including Cigna, using the Council for Affordable Quality Health Care (CAQH) website: https://solutions.CAQH.org.
- Enroll in EFT directly with Cigna by logging in to www.CignaforHCP.com > Working With Cigna > Enroll in Electronic Funds Transfer (EFT) Options.
- To check the state of your EFT application, log in to www.CignaforHCP.com > Working With Cigna > Manage EFT Settings.
Not registered for the Cigna for Health Care Professionals website?
Go to CignaforHCP.com and click “Register Now.” For step-by-step registration directions, click “Learn How to Register.”
Enrolling in both EFT and Electronic Remittance Advice (ERA) can help shorten your payment cycle. Learn more about ERA.
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Contact us to learn more about becoming part of the Cigna network.
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