Electronic Funds Transfer: Direct Deposit Available for Claims Payment
Providers can take advantage of Magellan’s online feature -- Electronic Funds Transfer (EFT) -- for claims payments. You can request to have certain claims payments directly deposited to your business bank account.
EFT is quicker than the standard process of mailing and cashing or depositing a check, leaving you more time to devote to your practice.
EFT is available to organizations and individual providers who own the Taxpayer Identification Number (TIN) linked to the submitted claim. Individual providers within an organization are not able to receive EFT claims payment.
Registering for EFT
To register for EFT, simply complete and submit the registration form. To access the EFT registration form:
- Enter your username and password in the Sign-in box on the Magellan provider webpage
- From your MyPractice page, click Display/Edit Practice Information
- Click Electronic Funds Transfer
- Click Add to enter your information
- Click Save to submit your EFT registration.
- Upon clicking you will see a confirmation page that you can print for your records.
After registering for EFT, Magellan will conduct a transmission test with your bank to make sure payments are transferred properly. During this time, you will continue to receive paper checks via U.S. mail.
Using EFT
Once you begin to receive EFT payments, you will no longer receive an Explanation of Payment (EOP) or Explanation of Benefits (EOB) by U.S. mail for those benefit plans that allow EFT. EOP or EOB information can be accessed and printed through the Check Claim Status application on your MyPractice page of the Magellan website.
You must Check Claim Status on the Magellan provider website or review your Electronic Remittance Advice (ERA) online through your clearinghouse in order to obtain the processing result for EFT paid claims.
Should a claim be denied, no payment will be due and there will be no EFT transaction. Payments, Explanation of Benefits (EOB) and Explanation of Payments (EOP) for members whose benefit plans do not support this application will continue to be sent via mail.
EFT is simple, fast and efficient -- one more way Magellan is making working with us easier.