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Electronic Funds Transfer is available for Medicare Part B IL, MI, MN, WI and WPS Commercial Insurance.
Electronic Funds Transfer (EFT) replaces the paper check you currently
receive for services rendered. This process allows your check to
be deposited directly into your checking or savings account, and
eliminates the delay or inconsistencies you may encounter with mail
procedures.
Provider Guidelines
- The number of EFT transactions initiated by WPS is dependent
on the number of bank accounts your office requires EFT payments
to be posted. If you currently use more than one Medicare Part B IL, MI, MN, WI provider
number, or WPS commercial tax ID/suffix combination, there will
be more than one EFT transaction per day unless all funds are
to be transferred to the same bank account.
- EFT payments are typically deposited into your specified bank
account two business days following the claim date of process.
This means that for any claims that complete processing day one
(e.g. 12/14/02), an electronic remittance is available day two
(12/15/02), and the electronic funds transfer will be deposited
in your office's account on day three (12/16/02).
- Electronic Funds Transfer checks have a different number sequence
than your current paper checks.
- WPS produces no additional reports or documents to accompany
an EFT payment. The daily electronic remittance file will be your
office's notification of the payment that is posted to the account.
Additional notification of checks and amounts received into the
accounts should come from your bank. Contact your bank for their
notification procedures.
- Paper copies of your WPS commercial Explanation of Benefits
are generated for the first 30 days after the EFT process begins
for providers signed up for electronic remittance and electronic
funds transfer. After this 30-day trial period, the electronic
remittance file is the only payment information that you receive
from WPS. This applies to all provider tax ID/suffix numbers for
which your office received electronic remittance.
To enroll, please download and complete the appropriate documents
and return to:
WPS EDI
P.O. Box 8128
Madison, WI 53708
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