Wendy: Yes, I also enter the EFT Transaction # in the Check # field, and the CARRIER in the Bank # field. If employees see a bank # that is LETTERS instead of numbers, that is their red flag that the payment is an EFT instead of a check and needs to be recategorized before final Daysheets are run.
Brenda: That's interesting that you've had such a bad experience with Metlife. For us, Metlife has been the ONLY company we've never had a problem with. Their claim processing is consistent, our provider portal is easy to navigate and always up-to-date, and the money is always in our bank account when it says it is. We've been getting EFTs from them since 2007. The only difficulty I've had with them is that our Provider Rep is no longer with the company. I spent months trying to ascertain who our new Provider Rep is and was transferred all over the world and through multiple departments, dropped calls, emails, sweat, and tears...and still no response from our "new" Provider Rep. In the end, I gave up since a direct fax got the results I wanted. It was just a little disconcerting that I couldn't actually talk to our "person" to hold anyone accountable for doing the job.
Sorry, more of a helpful hint as to way of thinking ... not a criticism. Your description of what the collection manager did/does sounds pretty convoluted (meaning no disrespect). In our office, there are claims that could be marked as "paid" from the Ins. co. online, but in reality, those payments went to the patient. So, theoretically, you could have posted a claim payment as a payment received in your office but instead went to the patient. That's a double win-win for the patient in reality, assuming you bill after the insurance payment was received. Here's another tip - from the top banana (me, the dentist/owner): Daysheets HAVE TO BALANCE EVERYDAY. If no balance, then there is a posting error somewhere. I could say NOBODY leaves until it's balance, but in some occasions I have seen the balance error and had to fix myself .... then, like a faithful Softdent user, I/we rerun the daysheet ...
Our EFT's, electronic checks scanned, and the credit card payments from the day before, are posted first thing in the morning. I would not backdate an EFT payment(s) to Softdent ... during the course of a given month, there is really no need. Our accountant's office reconciles the bank statement. If they saw a MetLife EFT payment posted in our account for Friday, March 23, it would have been posted in Softdent on Monday (we don't work on Friday ). One caveat, this coming Friday, the end of the month, April 30, we will post the EFT's on that date, run the daysheet, and then run the end of the month. I'd prefer not to hold them over until the following month - but I'm sure our accountants office would post them as "deposits in transit". I might be just a little too much .... you know .
One those rare occasions where we have to sleuth it out for the EOB on the "unknown" EFT .... if we don't have it by the end of the day, we hold onto them for the next business day.
Hope that all helps!!
Keep 'em coming ...
I've been fighting with this as well the past 6 months. When it works, it's great! EOB's are easily processed and the money is already at the bank. Great!
But when it doesn't work, yuck!
For us, Humana is the problem. When reconciling my bank statement, I saw one $26.40 deposit listed as Humana. No other info, and no EOB came in the mail or the ePosting Viewer. When I call Humana, they can't help me because I don't know the subscriber's DOB. It finally gets escalated to the point where the EOB can be faxed to me. However, there is no solution to this. Every time we get a Humana payment, I have to call, and have them get to the special people who can look up a deposit by amount.
Now I want to go back to the credit card payments, because those typically have the EOB attached. But I got rid of all of those, because at the time SoftDent couldn't manage them properly.
So yeah, there is a big problem with EFT's.
So sorry you are having problems. I LOVE getting my payments EFT. My suggestions is that first thing in the morning you go to each insurance company sending etf payments ( I have a favorites folder with them, I have been able to save user names and in some cases passwords to speed things along ) and print out the EOBS. MetLife and Deltas are easiest, however Aetna and CIGNa work great as well. I have a few companies (ADN and misc companies who fax eobs to me). I then post them and print the eft ( code 2.9) deposit list and compare to the bank deposits. I have found that it may take a day to catch up but have been lucky to find them with in a day or 2 at most. I will let you know if you do not print deposit list (code 2.9) before posting the mail all checks posted will show up on the list. Hope this helps you out.
personally I think there is a HUGE problem with EFTs. It is NOT on the shoulders of the dental office this is an INS CO issue. We ventured into the EFT waters by starting with MET LIFE only. It has been nothing short of a disaster. We spend hours on this monthly which is ridiculous. Yes maybe it is great for fraud avoidance but it is NOT worth it in my opinion. THE INS companies need to up the ante on their end. Most EFT auto deposited at the bank NEVER match uop to the amounts in the EOB that WE have to retrieve fvrom there website! what is wrong with this picture? the INS companies should be electronically FAXING every day a copy of the processed EOB that excactly matches EVERY DEPOSIT in my acct. If it is a BULK payment then it should be a BULK EOB but for the SAME amount as the deposit, just as BULK INS cks come via snail mail ( delta for instance) . I have tired quickly of spending hours trying to match up deposits with eobs that do not match. After a long trial with this I just called MET last week and cancelled my EFT ( until they can get their act together) and have requested paper payments again. It is simply not worth the manpowewr nightmare it has become. We have a great internal system of processing them and tracking them in softdent using the EFT code as ck number too...but we have had deposits that come into the bank and find we never receiv ed the EOB or the email ..and we have to backtrack ( takes hours) to be able to properly credit patient accts. So until MET can get this balanced we are back to paper checks ( and to their chagrin they have to pay for postage to send them to us). Hoping more will do the same to send the message to the INS companies that this is not rocket science and to FIX their methodolgy in electronically processing EOB and matching EFT.
What a headache. All of you who take auto deposits and electronic eob's, does your financial person at your office also work the front desk, or does that person get a room to themselves to solve these problems? I can only wear so many hats. This paperless world is a nightmare.
I work the front desk as well and treatment plan coordinator. Once it's setup it takes me about 10 minutes every morning first thing. Biggest tip for me is remembering to run the deposit slip first thing after posting the ETS so that when they get reconciled with the bank deposits they show up with out checks from the mail. Good Luck