The Federal Deposit Insurance Corporation (FDIC) announced that it has assumed control of Silicon Valley Bank (3/10/23) and Signature Bank (3/12/23) to meet the needs of its depositors and ensure there are no risks to the account holders. As such, the FDIC has established bridge banks and moved all deposits to these respective banks to ensure access by the account owners with little interruption of services. This process should be seamless to the account holders; more information is available on the FDIC website.
Earlier this week, claims payments were suspended for providers with these banking arrangements until the initial assessment of this issue was compete. The assessment is now complete and at this point, we do not see an inherent issue with provider payments based on the information available from the FDIC. As such, payments currently held will be released and issued in the normal timeframes.
If providers wish to change their current payment arrangements to a different bank or select paper checks, they can visit the WPS/Change Healthcare portal for Electronic Funds Transfer (EFT)/ Electronic Remittance Advice (ERA) or learn more by viewing these FAQs on how to change a healthcare payer’s enrollment services.
We apologize for any inconvenience this may cause, but we wanted to ensure receipt of payments in a secure manner for the services provided. Please reach out to your local TRICARE Community Liaison (TCL) should you need further assistance.
