PROVIDER PAYMENTS
VIRTUAL CARD
VIRTUAL CARD BENEFITS
SIMPLE IMPLEMENTATION
No systems integration necessary. The InsurCard Virtual Card uses the same information produced today by insurers and TPAs when issuing checks.
IMMEDIATE RESULTS
Providers simply choose if they prefer to get paid via fax or email. The InsurCard Virtual Card process transmits their payments to them by their preferred method. Providers get their payments by keying the InsurCard Virtual Card number into their merchant card terminal.
PREFERRED BY PROVIDERS
What sets the InsurCard Virtual Card payment method far ahead of other electronic funds transfer (EFT) methods is the inclusion of the payer’s logo and the Explanation of Payment advice (Explanation of Benefits) exactly as it appears on the payer’s paper check. Providers can maintain their existing internal method of matching payments to bills and there is never any confusion over what services are covered by the payment. No enrollment by providers is needed. And providers continue to use their existing office technology.
NO TRANSACTION FEES
The InsurCard Virtual Card program is implemented at no cost to the payer (insurer or TPA).
COST SAVINGS
The InsurCard Virtual Card program can significantly lower payment processing costs. The program eliminates mail costs and the uncertainly of mail timing and address changes. No more lost, stolen, or damaged checks.
WIDELY ACCEPTED
Today, over 130,000 healthcare providers accept payment by the InsurCard Virtual Card process. And the InsurCard Virtual Card has a first time acceptance rate of over 75% among healthcare providers.
REDUCES FRAUD
The InsurCard Virtual Card is a one-time use card with a short expiration date that cannot be overcharged. Payments are only redeemable by providers with merchant card terminals. Fraud attempts are tracked and reported.
LEARN MORE ABOUT INSURCARD BENEFITS
THE VIRTUAL CARD PROCESS
for Healthcare & Repair Service Provider Payments
STEP 1
The insurance company or TPA transmits their check payment file (including checks and Explanation of Payments/Benefits (EOP/EOB)) to the InsurCard Virtual Card processing center.
STEP 2
The InsurCard Virtual Card processing center runs the check file through a conversion program.
STEP 3
Each payment is transformed into an InsurCard Virtual Card payment in the image of a fax or an email to the designated provider.
STEP 4
The InsurCard Virtual Card fax or email is then sent to the provider. It contains the payer’s name, EOP/ EOB, a one-time use virtual prepaid debit card, and instructions for use.
STEP 5
Upon receiving the fax or email, the provider keys the card number into their merchant terminal and matches the payment to the customer bill based on the EOP/EOB included on the fax or email.
STEP 6
Use is monitored by the InsurCard Virtual Card processing center which also takes calls and answers questions from providers.
Questions? Send us a message or call 1-800-708-9887