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EFT – Electronic Funds Transfer
Presented by:
Ken Hopper
QA Manager
Co-Presenter:
John Ritchie
Customer Support
Course Outline
• What is EFT?
• Why EFT?
• Benefits of EFT
• Company Configuration
• Screen Access Profile
• Vendor Banking Information\Enabling EFT
• Inload\Outload Vendors
• EFT Payment Process
• CCD+ File
• EFT Confirmation on a Paid Claim
• How does my Bank receive this?
• Void EFT Process
• Refund EFT Process
2©2014 Orange/MZI Healthcare
What is EFT?
• Electronic funds transfer (EFT) is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.
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Why EFT?
• Same method used for Direct Deposit.
• The Patient Protection and Affordable Care Act operating rules mandate required this be made available as of January 1, 2014.
• EFT is available in EZ-CAP v6.5.0 and above.
©2014 Orange/MZI Healthcare
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Benefits
• The benefits of using EFT include:
– Lower operating costs
– Faster reimbursements to Providers/Vendors
– Quicker response times.
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EZ-CAP Screens
Company Configuration
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Choose Financial Type of Checking
or SavingsAdd Routing and Checking
Account Numbers
Add Bank Name and
From Date/To Date (as
needed)
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Screen Access Profile
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Vendor Banking Information\Enabling EFT
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If Banking Information is Default make sure the “Is
Default (EFT)” checkbox is checked
Make sure on Vendor Pg1 Tab that the EFT
Radio Button is checked in the Payment
Options Section
When Deleting Records remember that a Default Record MUST exist and
cannot be deleted as long as EFT is enabled
When Paper/File is enabled then Default EFT
Records can be deleted
Inload\Outload Vendors
• Vendor Inload/Outload will now carry a new value for the Payment Option, which will allow a choice for either Paper or EFT.
• Please see the Vendor Inload Format Guide included with your Release for more information.
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EFT Payment Process
• The payment process will remain the same up until the Generate/Manage Claim Batch Screen.
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EFT button and Bank ID fields have been added
EFT Payment Process
• Once the EFT File is Generated you will save it to send to the bank.
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EFT Button is pre-selected and greyed
out.
Fields and buttons are greyed out as they cannot
be used with EFT.
Generate EFT File button is enabled and
will create the CCD+ File when clicked.
CCD+ File & EFT Outload Format
• What’s on the CCD+ ?
Level 1 – File Header Record Level 5 – Batch Header Record
Level 6 – CCD Entry Detail Record Level 7 – CCD Addenda Record
Level 8 – Batch Control Record Level 9 – File Control Record
For more information regarding the Data Elements, Data Types or Positions of these Records, refer to the EPF Outload Format specifaction.
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Generate the 835
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EFT Trace Number
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EFT Confirmation on a Paid Claim
• Claim Header • Claim Detail
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EFT Trace # can be located on both the Header & Detail
level.
Void EDT Trace Number is located at the Header level.
How does my bank receive this?
• Methods will vary from bank to bank as to how they would like this file received.
• Please confirm with your bank their preferred method of delivery.
• Please note, when getting ready to add EFT to your process, make sure to test with the bank directly before going “live” with the change to help avoid an issues that may arise.
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Void EFT Process
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EFT Can be voided using either the specific Trace Number or the Batch Number for Voiding multiple EFT’s.
Void EFT Process
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The EFT Trace Number can be located in the
Check Register.
Refund EFT Process
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EFT button is required (EFT
Trace Number is optional).
• Refund process is the same as before, will just add EFT button and EFT Trace Number along with Check/EFT Date adjustments in order to locate the EFT payments.
EZ-CAP DEMO
• Now, let’s do a quick demo of the EFT Payment Process to show how it works step-by-step.
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Recap
• What is EFT?
• Why EFT?
• Benefits of EFT
• Company Configuration
• Screen Access Profile
• Vendor Banking Information\Enabling EFT
• Inload\Outload Vendors
• EFT Payment Process
• CCD+ File
• EFT Confirmation on a Paid Claim
• How does my Bank receive this?
• Void EFT Process
• Refund EFT Process
23©2014 Orange/MZI Healthcare
Thank you!
Questions & Answer
Session
24©2014 Orange/MZI Healthcare
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