The short answer is yes.
EFT (Emotional Freedom Technique) has been the subject of many studies and it has been proven that it works with physical as well as emotional difficulties.
EFT is similar to counseling and other talk therapies but employs a physical aspect as well which allows you to get to the underlying emotions faster and therefore allows you to heal from them faster.
The points that we tap when using EFT are meridian points that correspond to points used in acupuncture but as we tap them with our fingers there is no pain involved and by combining these points with talk therapy we target the specific emotion causing the problem.
The discovery statement for EFT is "The cause of all negative emotions is a disruption in the body's energy system" - Gary Craig (EFT Founder) This means that something happens be it a thought, a memory or an actual situation that causes a disruption in the body's energy system, this in turn we experience as physical, psychological or emotional pain.
If you're terrified of something, whether it's spiders, heights, water or anything else you'll have experienced exactly what is meant by a disruption in the body's energy system because you feel it every time you're faced with that situation.
The principle behind EFT is that by treating the energy disruption through tapping meridian points and by working with the emotions that caused the disruption through talk therapy you are able to help with just about any problem.
This can be easily seen when we are talking about emotional problems and fears but it has been found to be equally effective with physical difficulties including problems that the medical profession have had difficulty in curing such as Cystic Fibrosis.