In late October, 2016, MetLife mailed letters out to all practitioners to announce an EFT (electronic funds transfer) requirement for insurance payments. This simply means that they are requiring providers to have their payments direct deposited instead of receiving mailed checks. Providers will still continue to receive EOBs via the traditional method.
We have not received this letter either. There have been other companies in years past that have sent us this notification, though, and never followed through! We still receive paper checks despite them stating that electronic deposits would become mandatory.
Carestream has learned that MetLife is sending out these letters sporadically. If you have not received the letter, there is no action required on your part at this time. If you would like to proactively enroll for EFT (electronic funds transfer) the link to the form is below.
Enrolling for EFT simply changes your payments to direct deposit instead of receiving a paper check in the mail. You will continue to receive your EOBs either via paper mail or electronically (if you use Carestream's ePostings service).
We received the MetLife letter for EFT and I called and was told by them we could opt out....we are not contracted with them. So I faxed a letter with the request. I received another letter a few weeks later and, when I called to check since the letter had been faxed, I was told not to worry about it. So we aren't.
I just feel this could be an accounting nightmare, to get your direct deposit one day and then an EOB at a later date. How would you reconcile, as we do, by date of EOB and date of insurance check? Maybe if you are contracted, it wouldn't be but we don't have access to a lot of the insurance websites. Just our concern for participating, so I was glad we were allowed to opt out.
I received my payments with MetLife as an EFT. MetLife gives you the option to to receive the EOB thru email or fax. I received the EOB as least 2-3 days before the payment hits my account. There are some plans that still mail the checks but not many. The treatment plans also comes the the email or fax which way you sent it up.
I just received our letter. We signed up for the EFT, and we are participating providers. I know, from working in another dental office that had EFT's for Metlife, that they would send out the EOB's via fax every morning. Then, all I had to do was post the payment to the patient's account.
If you are not set up with Practice Works for electronic payment services, there is a way to post the payment to the account and have it reconcile the account appropriately. Whenever you post the "payment" to the account manually, post it as you would normally post an insurance check. There will be a drop down box that you can choose check or EFT. If you choose, EFT it will attach itself to the insurance claim and clear it once posted. Then the payment you posted will match the day you received the EOB and you can file it accordingly. I hope that helps.