Electronic Funds Transfer (EFT)

Receive your payments faster

Improve your office workflow and productivity and shorten the payment cycle by enrolling in electronic funds transfer (EFT). When used together, EFT and electronic remittance advice (ERA) can help eliminate claims payment paperwork and improve your cash flow – no more waiting for paper checks to clear.

What is EFT?

EFT, or direct deposit, is a convenient service that electronically deposits claim payments directly into your bank account. By enrolling in EFT, you can access your funds and complete your accounts receivable posting faster.

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 the first page of your online remittance report

Enrolling in EFT is simple!

Enroll in EFT directly by logging in to the provider portal (Provider.Evernorth.com) > My Practice > Enroll in Electronic Funds Transfer (EFT) Options.

  • Complete the electronic enrollment form.
  • We will send a "pre-note" transaction to your bank to verify all the banking information is correct:
    • If the pre-note is not returned, you begin receiving EFT on your next payment cycle
    • If the pre-note is returned with errors, we will contact you to obtain correct banking information
  • To check the status of your EFT application, log in to the provider portal (Provider.Evernorth.com) > My Practice > Manage EFT Settings.

If you're not yet registered for the Evernorth Behavioral Health provider portal, you may self-register here.

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 TIN.
  • If you have your payments bulked or grouped based on your billing National Provider Identifier (NPI) from the submitted claim, login to the provider portal (Provider.Evernorth.com) > My Practice > Manage EFT settings and update your payment bulking preferences.
  • If your TIN, NPI, billing address, or bank account changes, you must submit a change request by logging in to Provider.Evernorth.com > My Practice > Manage EFT Settings.
  • If a remittance report for a patient with a health fund reimbursement account (HRA, HSA, FSA) is not included with the payment, it will be mailed to you within 48 hours.

Payment calendars

View what dates payments will be deposited based on claim processed date.

Remittances

Access your remittance reports online the same day you receive your electronic deposits, improve your office workflow and productivity, and shorten payment cycles, by enrolling in electronic remittance advice (ERA). Click here for information on online remittance reports and ERA.