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EFT Payment Question

  1. #1
    Default EFT Payment Question
    Medical Coding Books
    Our company receives payments via EFT and/or hard copy checks. The checks aren't an issue but I have a question/suggestions about EFTs. The current biller handles EFTs by matching up payments from our bank statement with the payment printout from Navinet. This seems to work but sometimes it gets a bit confusing so I am wondering if anyone handles EFTs "manually" and what type of system or procedure do you have in place to make it run smoothly and to account for all payments, instead of the whole "matching up and comparing" system.

    Thanks!

  2. #2
    Location
    Boise, Idaho
    Posts
    96
    Default
    Are you doing a match up for banking purposes or for individual patient accounts? I do a spreadsheet with the EFT # and amount. This is done weekly then at the end of the month we check for any "missing" so any that we received $$ for but no remit or the other way around. Hope this helps.

  3. #3
    Default
    Quote Originally Posted by mrsjehu View Post
    Are you doing a match up for banking purposes or for individual patient accounts? I do a spreadsheet with the EFT # and amount. This is done weekly then at the end of the month we check for any "missing" so any that we received $$ for but no remit or the other way around. Hope this helps.
    Not individual or banking really, just matching up EFTs that we are supposed to be getting from each payer. For example, using a printout from Navinet and seeing a Blue Cross EFT for a certain amount and then looking for that amount on the bank statement.

  4. Thumbs up EFT's
    It is helpful if you have access to the bank deposits and the clearinghouse or Payer website. I keep a spreadsheet for the bank deposits and then match all of my ERA's that electronically post in our practice management system and any Paper EOB's to those EFT payments that hit the bank. It can be hard as some of the payer's deposits that come via EFT hit the bank about a week after they send you the ERA. At the end of the month when I go to balance for month end is when I can really drill down and know if I am missing something. (On my spreadsheet, I list the "Batch Name" for the ERA in our practice management system next to the EFT deposit so I know what has been matched up and what needs to be researched.) It's hard unless you are organized. Good Luck.

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