Electronic Funds Transfer: Direct Deposit for Payment
With electronic funds transfer (EFT), payments are deposited directly into your bank account. If you currently are not taking advantage of EFT, please sign up as soon as possible – it’s fast, easy and secure.
Note that Magellan’s provider handbook specifies that network providers must register for EFT.* EFT is environmentally friendly, and is quicker than the process of mailing and cashing/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.
Registering for EFT
To sign up:
- Enter your username and password in the Sign-in box on this Magellan provider website (Click the Forgot Password? or Forgot Username? links if you need to obtain your website sign-in.)
- Click Display/Edit Practice Information from the left-hand menu of the MyPractice page
- Select your Provider TIN/MIS and click Go
- Click Electronic Funds Transfer
- Click Add EFT Information to enter your information
- Click Save to complete your EFT registration
- You then will see a message indicating that your update was successful.
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.
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. You can access and print EOP and EOB information through the Check Claims Status application on your MyPractice page of the Magellan website.
To obtain the processing result for EFT-paid claims, you can use Check Claims Status on the Magellan provider website or review your Electronic Remittance Advice (ERA) online through your clearinghouse.
Should a claim be denied, no payment will be due and there will be no EFT transaction. Payments, EOBs and EOPs for members whose benefit plans do not support this application will continue to be sent via mail.
EFT is simple, fast and efficient. As with all of Magellan's secure website applications, there is no charge to sign up or use EFT.
*Currently, this requirement does not apply to EAP payments or Pennsylvania HealthChoices claims. However, if you have signed up for EFT, Magellan may apply EFT to your EAP payments as well.