Electronic remittance advice is a tremendous benefit of HIPAA standardization. But electronic funds transfer via Direct Deposit makes the solution complete.
- "More than 80% of large companies (100+ employees) offer Direct Deposit."
- Approximately 55% of consumers receive one or more payments via Direct Deposit. (53% of employees, 75% of Social Security recipients)."
- "More than 29 million consumers used Direct Deposit for their tax refunds in 2000." (Bankers News, 11/28/00)
- "The chance of having a problem with a check is 20 times greater than Direct Deposit." Moreover, if a problem ever does occur, Remettra can resolve it quickly and easily. By contrast, problems with checks may take much longer to correct - up to three weeks.
- "Direct Deposit eliminates the chance of lost, stolen, or damaged checks and the resulting charges for stop payment and check replacement because payments are made electronically."
- "In fiscal 1999, the government experienced more than $43 million in forged, counterfeit, or altered checks. Attempted check fraud at commercial banks has doubled in recent years, exceeding $2.2 billion in 1999, according to the American Bankers Association."
- "The U.S. Treasury Department replaces more than 800,000 lost or stolen checks each year. Direct Deposit has never lost a payment."
- "Direct Deposit is secure, convenient and fast. Payments have never been lost with Direct Deposit."
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- "According to research 97% of those who use Direct Deposit are very satisfied with it." The funds come in as cash – there’s no time wasted in the drive through at the local bank, or waiting to have the checks clear, and the money earns interest right away.
- "The savings you will realize from using Direct Deposit far outweigh any savings you now have from check ‘float’." For example, "NACHA: The Electronic Payments Association estimates that you can save as much as $1.25 per check."
- "For direct deposit and other credit payments, float represents only a small revenue source compared to the cost savings achieved by the reduction of paper-related expenses."
- Lowers operating costs for each payment by using the Remettra MedRemit system instead of a check.
- Eliminates the chance of lost or stolen checks and the resulting charges for stop payment and check replacement
- Increases staff productivity and reduces payment related expenses.
- Once an electronic payment has been made, the Remettra system provides notice of payment via automated e-mail notification.
- The primary advantage of direct deposit is a significantly lower operating expense, that is made possible by:
- Decreased paper handling
- Increased staff productivity
- Improved cash management
- Streamlined administration
- Reduced accounting expense
- Lower financial institution fees
- Convenience
- Reduced administrative expense
- Greater safety
- Improved reliability
- Increased privacy