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Setup and Handling of Electronic Fund Transfer Payments (EFT)



Summary:

A dental office may be setup for automatic deposit of insurance claim payments to their bank account.  These payments will be transferred directly into the Dentist's bank account, and may be referred to as EFT/Electronic Fund Transfer.
 

More Information:

The insurance company will provide a statement listing all patients, dates of service, codes and amount paid.  The dental office will not receive an actual cheque - the money will be automatically deposited into the dentist's bank account.  (The dental office must arrange with the insurer the use of EFT payments)

When the statement is received at the dental office, payment entry must be recorded in each patient's account in ABELDent, as regular.


Steps:

  1. Create a new Payment type for E - EFT/auto deposit (this is a one time step)
  2. Add the new Payment Type to the Bank Information Update (this is a one time step)
  3. Create and Use the Bulk Payment feature in ABELDent (create 1 bulk payment for EACH statement received from the Insurer)
  4. Enter payments in each patient file; ensure you distribute payment amounts according to the Statement received from the Insurer
1.  To create a new Payment Type, example E/EFT-Electronic Fund Transfer:
  • Click on File
  • Click on Update
  • Click on Provider
  • Click on Bank Information
  • Select from the drop down list either
    • ?/overall practice (if you print 1 Deposit Sheet for the entire practice)
      or
    • the provider(s) for which you print Deposit Sheet(s)
  • Click OK, you will get the following window:
  • Double click the Yellow folder icon in the bottom right of the Bank Information Update window|
  • Click Add Message to add a new Payment Type ((ie E/EFT - Auto Deposit):
  • Click OK (this will bring you back to the Bank Information Update window)
2.  To add the new Payment Type to the Bank Information Update:
  • While still in the Bank Information Update window, in Select a Type to Add to the above List, select E-Auto Deposit (or the Deposit type you just added)
  • Click OK

3.  Create Bulk Payment:
You may now begin using the Bulk Payment feature in ABELDent.  When creating a Bulk Cheque, use the Payment Type of E - EFT/Auto Deposit. 

4.  Posting Patient Payments:
When posting payments to patient accounts who have the Insurance Carrier for which the Bulk payment was created, you will be prompted to 'include the payment in the Bulk Batch?", to which you will answer YES. 

NOTE:  when posting payments to the patient files, you may use either R/assigned payment or I/insurance payment non-assigned as regular (you do not need to use the new payment type of E / EFT-Auto Deposit type created earlier).

Below is a sample of the Deposit sheet in Detailed view showing 1 patient payment entered for a Bulk Payment in progess for SunLife:

 

You will see "Remaining unallocated" if you have not entered all portions of the payments towards patient files as set forth in the Statement received from the Insurer.

Other References:

See ABELDent help files for more information of setup and use of Bulk Payments, as well as creating a new Payment type and adding a payment type to the Deposit Sheet.


Product (s): ABELDent
Category: Insurance
Classification: Public
Date Created:
Created by:
 

Keywords: Setup, Handling, Electronic, Fund, Transfer, Payments, financial, insurance