EFT in dental practices is more secure than checks. Capline Services helps in dental practice payments that are fast and safe without compromising patient care. Adopting EFT simplifies things, resulting in no mistakes.
Accepting EFT in dental practices is a modern approach toward payments. It is deposited directly into the practitioner's bank account. EFT (Electronic Funds Transfer) has become an increasingly popular and practical choice for claim payments, streamlining the payment process for patients and practitioners.
The question is whether the dental practice is ready to come out of virtual credit cards and paper checks. A few parties use them to cut administrative expenses, but it comes with additional costs. For instance, virtual credit cards charge 2-3% as a merchant fee and 10 cents as a transaction fee. Say a reimbursement of $1000 will cost the dental practice $20.10, whereas, through EFT, it is $0.34 in fees.
Mastering EFT may seem challenging, but it has become a regular way of receiving payment. It is safe and efficient. Embracing technology might appear daunting, but it significantly simplifies the life of dental billers. Capline Dental Services helps dental practices track EFT and ensure accurate posting. It is necessary to check if the reconciled amount matches the one received in the bank account.
Remember, while reconciling bank accounts is a private matter, it's essential for dental practices to handle it diligently.
This article will help the dental practice balance and handle EFTs to catch early errors or possible thefts to the practice's bank account.
The insurance portal has these two things available. Before checking a claim off the list, confirm the trace number (a unique number associated with the deposited amount) and deposit date of the EFT into the bank account. These details clarify whether the money insurance companies owe to the practice is deposited or not. Receiving the payment for the rendered service is the target for the dental practice, and there is no point in closing the claim before that.
It is natural for dental teams to feel concerned when they don't see an insurance payment posted in their software, whether it gets handled by remote billers or in-house staff. However, it's crucial not
Record the payment in dental software until the confirmation is that the funds have been deposited into the bank account.
EFTs are quick but can cause a headache if something goes wrong. For instance, if the claim gets denied, the entire thing goes through the tedious appeals process. Double-check everything before processing an EFT to avoid unnecessary stress and confusion.
The balance EFT of the dollar amount in the dental software, bank account, and insurance portal must match. Insurance companies have specific days in the week to deposit large payments, and choosing to balance all costs from the week today, including that significant one, will enhance the clarity. Taking this step will set you up for success.
The dental practice saves time by balancing EFTs weekly instead of logging into web portals every day. While balancing the EFTs is not complicated, it can quickly become tedious.
Capline Dental Services suggests doing this weekly because some insurance companies may spread out their deposits, transferring small amounts, like a few hundred dollars at a time. It can be frustrating to check daily for small $100 deposits. Instead, set aside one day a week to review all payments from the previous week. That will streamline the process and save you the hassle of daily logins for minor payments.
It is crucial because some dental teams post insurance payments and EFTs simultaneously. Embracing hyper-focus can feel like a superpower, but proceed with caution. Juggling multiple web portals and entering figures at once can lead to confusion. That is especially true if the insurance company deposits EFTs into different bank accounts. It opens the door to potential mistakes, so approach this multitasking challenge carefully to avoid errors.
Discover the Optimal Billing Schedule for the EFT in Dental Practice.
Creating the schedule at the dental office can be liberating, but determining the best times to post payments or manage the EFTs is a challenge. That is complex because of the wait for claim payments from insurance companies, whether it's a quick EFT or not.
Capline Dental Services provides customized posting schedules for remote billers that meet the specific needs of dental practices. Each team has its methodologies and a tailored time management strategy that can improve efficiency.
