I would like to see Electronic Funds Transfer (EFT) payments expanded on the Daysheet. The electronic transfer appears on the doctor’s bank account as a bulk payment, but one bulk EFT entry on his statement may represent dozens of individual patient EFT entries posted into SoftDent. Currently, I post the individual patient EOB’s entering the EFT number (in check number) for each entry. The Daysheet will show the total of the day’s EFTs, but not the total for each bulk payment EFT number. I could run a Transaction for a Period report isolating only the EFT code 2.9, but I prefer to run an Insurance Payment Distribution report. What I like about the Insurance Payment Distribution report is it lists each entry in EFT number (check number) order, not alphabetical or patient number order. This way, if I had 15 patient EOB’s on a single EFT I can find that EFT number, see if I have 15 entries in a row, total those entries and make sure I’m in balance with the bulk EFT. I do this for each EFT number. The thing I don’t like is that I have to print out and save this report with my lines and hand written totals to hand off to my doctor so he can cross reference with his bank account when it comes through to make sure we are accounting for each EFT. He & I want to make sure I post all EFTs he shows on his statement and definitely that he receives credit for each EFT I retrieve from the source. It would be nice if the Daysheet could incorporate an EFT section or page, which does all my hand calculations so the doctor can simply pull up the Daysheet on his workstation to reference the EFT figures as needed.
This trend is only going to expand as more and more insurance companies recognize the cost savings of EFTs. Since November I have had two contracted insurance companies require we either go to EFT or be charged a processing fee to continue receiving paper EOBs and check. I have had several non-contracted insurance companies sing the praises of going green if we voluntarily sign up for EFTs. I truly don’t relish the idea of hand totaling and make shift reports for what could very well be the majority of our payments in the near future.
I am suggesting an additional page incorporated into the Daysheet as follows:
Hello SoftDent Community,
I wanted to bring your attention to this suggestion, which lhopkins did a great job of articulating. Are you dealing with EFT's in your practice yet? How are you handling them? What do you think of the idea of an additional page on the daysheet to report these?
We are not doing EFT's in our office, BUT if we are talking about expanding the daysheet, I would like a listing of who gave cash, instead of having that as a bulk payment.
We are going to see all insurance payments made by EFT soon. We could use more codes that identify the specific insurance company, and a total line item for any of the companies that are grouped as one bulk payment. It should not be a hard fix. We are a CS Softdent Cloud user, and as far as I know, there are only two codes available for EFT payments. All our BCBS payments, and Met Life payments are now made by EFT. I totally agree with Loree's excellent request for these updates in the software. Matt
Below is a simple markup of the existing Insurance Distribution Report. Please give me your thoughts on this approach to reporting EFT payments. Thank you!
I agree, my doctor tracks collection by company so now I have to to add them up manually and sperate per doctor since I we have multiple doctors and multiple company's who pay with EFT now.
Thanks for the feedback everyone. The solution I'm proposing includes the new page above added to the Daysheet report, a new report that can be run as needed from the Reports -> Accounting -> tab, which will be for EFT transactions only, and the addition of EFT's to the Register totals. Below is the user story for the new report. If you have the time, I'd really appreciate your feedback. Have I missed anything? Thanks again!
User Story Statement:
This looks great, just one small addition in red below;
The user will have the option to sort by:
Love this idea!! Also love the idea of making a code for each insurance company or using the insurance plan # for example METLIFE EFT PAYMENT or EFT PAYMENT 1245 (insurance plan ID #