EFT, which stands for electronic funds transfer, is the third “E” in “Efile, ERA and EFT”. Once you’ve signed up for EFTs with an insurance company, they will deposit the payments they send you directly into your bank. Since EFTs only involve the transfer of money, PSYBooks isn’t actively involved. However, whether or not you want to go the EFT route instead of receiving paper checks, you may want to sign up for ERAs, which are the electronic equivalent of EOBs. Receiving ERAs in PSYBooks means that you no longer have to enter insurance payments by hand. You just have to look over the ERA to see if it seems correct and click Save.
Although some insurance companies will allow you to request both EFTs and ERAs on the same form, others have separate forms for each. PSYBooks will provide forms for ERA sign-ups that are already pre-filled with our clearinghouse information to make sure your ERAs get delivered to the correct place.