November 15, 2023: MGMA statement on EFT fees legislation

FOR IMMEDIATE RELEASE:
November 15, 2023

Media Contact:
Emily Dowsett
Associate Director, Public Affairs
edowsett@mgma.com

MGMA statement on introduction of No Fees for EFTs Act
Anders Gilberg
Senior Vice President, Government Affairs
Medical Group Management Association

“MGMA has long called for a prohibition on the practice of health plans and their payment processing vendors charging medical groups rapacious fees for receiving reimbursement via the Electronic Funds Transfer (EFT) method. Medical practices often find themselves charged a percentage (typically 2-5%) per EFT transaction simply to get paid — proving especially detrimental for the majority of groups who receive over 75% of their annual revenue through EFT. MGMA thanks Representatives Murphy, Bera, Griffith, and Kilmer for their leadership in introducing the No Fees for EFTs Act. If passed, this critical legislation would clarify in plain language that plans and their vendors are prohibited from imposing fees for EFT payment, helping to protect the financial viability of medical practices and their ability to provide cost-effective care.”

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MGMA's position paper on EFTs may be found here.