Revenue cycle metrics
EFT
Direct deposit of payer payments, reconciled against the corresponding remittance file.
What it means in dermatology
Also known as: Electronic funds transfer
Deposits and remittances arrive separately and must be matched. Unmatched deposits are the reason many practices carry unapplied cash that inflates apparent collections.
Reconciliation should close monthly with a named owner, the same way any other bank account is reconciled.
Why it matters to your revenue
Unapplied cash makes collections look better than they are and hides refunds owed.
See this term in your own numbers
A free claims audit reviews a de-identified sample of your dermatology claims and returns a line-item findings report — including where terms like this one are costing you money.
Request a free claims audit