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doctom4300
Premolar III

Reconciling EFT with EOBs

We are going to ahead and start accepting EFT payments from MetLife. I understand how to enter the payment.

Currently, we double check ourselves by comparing the payments entered for a given day to the total of the checks. If it doesn't balance, we know we need to verify the entries we made.

How do we do this same verification with EFT payments?

8 Replies
CS Dental Employee
CS Dental Employee

Re: Reconciling EFT with EOBs

Good day Brenda,

Considering that the default EFT code 2.90 is used for electronic transfers of money, they will not appear on a deposit slip. You can however run a transaction for a period report for your EFT (2.90) code for a specific date range to check the totals by going to reports>>accounting>>trans for a period (see blow for an example setup).I hope this helps.

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doctom4300
Premolar III

Re: Reconciling EFT with EOBs

That'll help, Victor. Thanks.

How will we know which EOBs are included in a given EFT? Is that indicated in the information that the insurance company gives us? 

CS Dental Employee
CS Dental Employee

Re: Reconciling EFT with EOBs

It should be Brenda. It is my understanding that the EOB should include any payment(s) that were distributed to you via EFT. Does that sound about right Wendy? softdentgirl

CS Dental Employee
CS Dental Employee

Re: Reconciling EFT with EOBs

Hello Brenda,

Victor is correct.  I have stumbled onto something.  2.90 does not seem to be deleting the claim after it was posted.  the worked around from support was to use code 2.93.  I have tested this at 1 office so far and my statement is correct.  Be careful and check the outstanding claim for code 2.90 and see if the claim was deleted. jeffrey.urkevich

Also Aetna is now sending Bulk EFT payments; this is not working properly,  if you have our credit card swiper. it will not let you enter multiple names for one credit card payment. 

I will look into this and post a workaround later 

Wendy

doctom4300
Premolar III

Re: Reconciling EFT with EOBs

Is a credit card used for Aetna Bulk payments? I thought EFT meant that the funds were deposited automatically?

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kat710
Canine III

Re: Reconciling EFT with EOBs

Hi Brenda- 

At our office we have multiple insurance companies depositing funds via eft directly into our bank account.  I got the impression you were wondering how to know if your payment transactions on the transaction reports match your eft deposits when there are no "checks" to add up.  Metlife will have a trace number for their claims (there could be one trace number that will be payment for 5 EOB's or there could be a trace number that may have just 1 EOB)  and it will show up on your bank statements in the total amount of each trace number.  So I use those trace number totals as checks to match up at the end of the day against the transactions for a period report just as Victor shows above.  We use code 2.93 for our eft payment code and it does close out our claims.

Leslie

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doctom4300
Premolar III

Re: Reconciling EFT with EOBs

When we run the daysheet, there is a page (or 2) showing all the check transactions, and a page showing all the credit card transactions. Is there a way to get a page showing all the EFT transactions?

edited to add: I realize we can run the Transactions for a Period report, but I'm wondering if there's a way to add a page to the daysheet.

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drcavola
Premolar III

Re: Reconciling EFT with EOBs

These issues would go away IF we could just get the request of EFT's listed on a separate page on the daysheet ....

Then we could balance easier, and you'd have bunches of offices happy (or happier, at least).

It has been on the "requested" list for over 4 years ......... ........ ....... and counting.

Still waiting .... ..... .....

For some of us the definition of "work around" is until the permanent fix is complete.

I'm beginning to think Carestream's definition is ..... forever.

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