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:
- Similar to the Insurance Payment Distribution report but with a total at the end of each bulk of entries that are under the same EFT or check number.
- Similar to the Deposit Slip that lists the total number of checks, but provides the total number of entries that make up a single EFT. (I would actually like to see the Deposit Slip in the format as well)
- The horizontal order of Code, Bank No, Check/EFT Number, Insurance Company, Total Amount, ID, Patient/Plan Name, Payment Amount is fine, but add a vertical running totals for easy access for the doctor.
- Just like the Deposit Slip, this page would need to be a separate accessible report under the pull down tabs Reports, then Accounting so a the person posting a large bulk payment could verify the balance upon completion anytime throughout the day without having to run an entire Daysheet.
- EFT Payment totals should be displayed under the Collections section on the Register Reports.