ModMed® Pay Funding Statement Descriptor Update

On Monday, November 7, 2022, ModMed® Pay will complete an update to the statement descriptor that you see in your bank account when receiving payouts/funding from Modernizing Medicine. 

Please note: This update will not change what patients see in their bank account for payments made to the practice. 

  • Currently, funding deposits read as the following statement descriptor: ModMed Payout TX…XT (where “…” is a unique identifier per deposit).
  • For funding deposits received November 7 and forward, the descriptor will read: ModMed Payout xxxxxxxxxxxxxxxx TX…XT (where “…” will remain a unique identifier per deposit, but “xxxxxxxxxxxxxxxx” will be a unique identifier per business unit and location).

If you have automated reconciliation or other business rules based on this statement descriptor, please ensure your systems will accommodate the updated value. 

Upon request, our Support Team can provide you with the list of the unique numeric identifier per business unit and location. 

Please note: If you have locations that are used across multiple business units, there will be separate identifiers for each combination of business unit and location.



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