Electronic insurance payments to healthcare and repair service providers
The InsurCard Virtual Card is a unique e-payment solution designed specifically to make insurance payments to providers including medical insurance payments to healthcare providers, and property and casualty insurance payments to auto repair, contractors, and all P&C service providers.
The InsurCard Virtual Card is a turnkey program that is faster and more secure than a mailed check. Providers receive an InsurCard Virtual Card by secure email or fax for an easy one-time entry into their merchant card terminal. Providers get their payments immediately and, as with checks, the payments are accompanied by an Explanation of Payment advice explaining exactly what services are covered by the payment.
No systems integration necessary. The InsurCard Virtual Card uses the same information produced today by insurers and TPAs when issuing checks.
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 realize 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 checks. 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).
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.
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.
The InsurCard Virtual Card is a one-time use card with short expiration date that cannot be overcharged. Payments are only redeemable by providers with merchant card terminals. Fraud attempts are tracked and reported.
For more information, please contact Molly Uehling, (215)855-1115.