Do your dental claims from the insurance companies still get reimbursed in the form of paper checks? And then you submit those checks into your practice bank account and wait for clearance? Well, the process could be easily hastened with EFT payments – your payments hitting the practice bank account as soon as your patients’ insurance carriers reimburse them.
With paper checks hitting your mail, your payments not only get delayed, but the checks could also be lost – resulting in outstanding payments, declining revenue, and a lot of hassle to manage at your end.
EFT payments could prove to be a savior for both the individual practitioners as well as dental clinics. Imagine the peace of mind you’d be having with all your reimbursements landing directly to your practice bank account with all the right references for verification.
Dive into this blog post to know about EFT payments in detail, how they could expedite your dental practice, and the simplest way to switch from paper checks to EFT payments!
1. What Is An EFT Payment To Be Exact?
EFT is an abbreviation for electronic funds transfer – simply a payment completed via a computer network. In terms of a dental practice, EFT payments could be a means of transferring payment reimbursements from an insurance carrier to the practice bank account online. These are primarily meant to expedite the process and make it hassle-free.
These payments are made digitally and do not really involve any paperwork – meaning there’s hardly any time consumed in the procession and reconciliation of accounts. The best part of EFT payments is that they have EOBs attached – either sent to your office or available online at the insurance carrier’s portal. It helps you verify each payment quickly and report any error – if found.
2. How Can EFT Payments Expedite A Dental Practice?
EFT payments are quick and error-free – that’s one aspect of how they can expedite a dental practice. Apart from that, there are several ways in which EFT payments help expand and expedite your dental practice. The popular among them may include –
3. Eases Up Payment Tracking
One most crucial thing for a dental practice is to keep track of their payment reimbursements from the insurance companies. And that becomes supercritical with paper checks.
EFT payments come with high-end technology – automatically updating your account receivables, payments received, and EOBs within no time. It really eases the tracking game, and you don’t have to spend hours sorting papers every month
3. Eliminates Paperwork
Since the world has completely digitalized, handling paperwork really seems to be a difficult thing. And why even do that when you can really eliminate that using EFT payments.
It’s completely paperless – all your money gets reimbursed digitally to your bank account – EOBs get updated online – reviews and corrections could also be made online.
Reduces The Chance For Lost Checks
Receiving paper checks into your mail really brings up the risk of loss and outstanding payments. EFT payments really save you from the hassle. Each reimbursement from the insurance carriers immediately hits your practice bank account; you get notified each time an amount gets credited, and boom.
Reduces The Chance For Lost Checks
Now that you feel ready about switching to the EFT payments and understand the ease that comes along, you must be wondering how to do that. Well, it’s a lot simpler than you’d have thought. All you got to do is just follow the below steps, and boom – you’ll be all set to operate your dental practice with EFT payments!
- Inform all the insurance carriers you deal with about your decision to switch to the EFT payment method.
- Provide them with your Electronic banking details of the dental practice account.
- Sit back and relax with zero paperwork and the super-quick payment reimbursements against your dental practice.
Insurance companies are obliged to align with your decision. Also, you can quickly get back to the paper checks method in the future following a similar method – in case you’re not satisfied with the EFT method.
Though EFT payments are often quick and error-free, there is a risk associated. Since humans are working at the insurance companies and not robots, your payments might get transferred to incorrect accounts in some rare cases. This can lead you to a slight delay in payments and might require immediate solutions for quick solutions.
DentalRevu has the finest business consultants on board with decades of experience in the dental industry. They know exactly how to deal with the errors in the EFT payment reimbursements and can even assist you through the switching. Get in touch with our experts and learn how to attain financial peace of mind with EFT payments in more detail.