When you first become credentialed/paneled with insurance companies, you will set up the payment method for reimbursement for claims you file to that payer. When you begin submitting claims from your SimplePractice account, the insurance companies will continue to pay you in the same way.
Some payers will offer paper checks by mail, while others may allow you to set up an electric funds transfer (EFT), which directly deposits the money into your bank account:
- Paper checks. By default, insurance payers will send a paper check either to a specific billing address associated with your billing NPI when you credentialed/paneled/became an out-of-network provider or to the billing address in box 33 of your claim form.
- Electronic Fund Transfers (EFT). Most payers provide the option to receive your claim payment via direct deposit to a designated bank account. Certain payers will require that this payment method be setup before allowing you to enroll for payment reports through SimplePractice.
Tip: If you'd like to see what payment options the insurance companies you work with offer, you can call their Provider Services number to inquire about more information or to update your current payment method.
Keep in mind that, regardless of payment method, this will be a direct exchange of funds between you and the payer. So, it is important to note that SimplePractice will not have any insight into this transaction. This means that if you notice that a payment is late, missing, or paid at the incorrect reimbursement rate, you will want to reach out to the payer directly for more information.
Note: A Payment Report will stand as a notification of what the insurer has approved for reimbursement, but does not indicate that the actual transfer of money has been completed. So, it isn't uncommon for a payment report to post before the payment hits your account. If more than a week passes after you receive a payment report and you still haven't received the payment, we recommend that you follow up with the payer.