Electronic Funds Transfer Payments Causes Concern

This fall the MDA and the Great St. Louis Dental Society have received calls and emails from members concerned about the policy of MetLife Requiring Electronic Reimbursement.

It should be noted that while this new policy requires dentists to receive their reimburse- ments electronically, dentists can opt out. The ADA News reported on this topic and that the company “clarified its position that dentists can opt out if they do not have the technology available.” According to the ar- ticle, “Aetna and Regence have implemented similar policies for their providers.”

Even with the opt-out ability, some members still have expressed concern about protection of bank account information and exposing the practice to possible fraud or embezzlement scenarios, as well as additional administra- tive burdens. In an inquiry from the MDA, the ADA expressed that it feels EFT payments do not have to be a negative thing, in that the ADA is advocating not for the elimination of EFT payments, but not requiring the use of EFT payments until the benefit plan can issue a HIPAA compliant 835 (remittance advice transaction), and that the proper vendor practice management software programs ac- cept the 835 and automatically reconcile the patient account. This seamless transaction would speed payment, reduce the office staff time spent reconciling accounts and reduce account errors. It also would pave the way for real-time adjudication and payment, which means the payment from the benefit plan is received before the patient walks out of the office. This, the ADA believes, would be a real benefit for balance collection purposes and be of benefit to members.

The ADA also commented that as to the fear of payers having banking information, the EFT transaction is a one-way-into-the-account only transaction. By accepting EFT payments, the dentist is not authorizing withdrawals from the account. Read the ADA News article at http://bit.ly/2eUbrF2.

Dr. Steven Wolff, Debbie Wolff, Dr. Brad Babcock

Buying or selling a practice is one of the most significant financial events in a dentist’s career – with only one chance to get it right. Turn to the experts.

4240 Blue Ridge Blvd, Suite 216, Kansas City, MO 64133 P: 1-800-311-2039 F: 816-817-8276

Dental Association

Now endorsed by the Missouri

® ADS-MidAmerica.com ISSUE 6 | NOV/DEC 2016 | focus 25