Effective January 1, 2009 Northwood, Inc. (Northwood) is offering its providers the benefit of receiving routine claim disbursements via direct deposit instead of receiving a paper check in the mail. Northwood estimates that by using the direct deposit option providers will have access to their funds 3-5 days earlier than using paper check disbursements.
There are no Northwood charges for the direct deposit service and Northwood is paying the ACH fee for each transaction. However you are responsible for any additional fees that your financial institution may charge for these transactions.
Here is how it works for direct deposit participating providers. On the day that Northwood processes claim payment checks, your disbursement will be direct deposited into your bank checking account. These funds will be available to you in 48 hours or less from the time we initiate the electronic funds transfer. You will receive separate transactions for each Northwood contract. Your remittance notice will be sent to you using the standard process.
In order to participate please complete and send the Northwood Claim Payment Direct Deposit Authorization form, available on our web site at https://northwoodinc.com, along with a blank or voided check from the checking account you want to use for direct deposits, to:
25790 Commerce Dr.
Madison Heights, MI 48071
Or fax the form and a blank or voided check to (586)755-3733 to our Finance Department.
After Northwood has received your completed Authorization form, Northwood will set up an electronic funds transfer in an amount ranging from 1 to 99 cents. Once the transfer has cleared, Northwood personnel will contact the provider by email to verify the transferred amount. After the amount is verified, the provider will be cleared to start receiving their payments electronically.
If you have any questions please contact Debbie Cutlip, Provider Affairs Manager, at (586)755-3830