Check and VCC conversion
Many insurers are choosing to use virtual credit cards for claims payments to physicians, instead of sending paper checks or paying via the electronic funds transfer (EFT) standard transaction. When paying via virtual credit card, insurers send single-use credit card payment information and instructions to physicians via mail, fax or email. The physician’s office staff then processes the payment as they would a patient’s credit card.
For each of these payments, physicians are charged fees that typically amount to 3-5 percent of the total payment. That adds up. If a physician contractually is owed $5,000, for instance, he or she could have to shell out up to $250 in fees.
Unify Medical Billing can complete all the daunting paperwork for you to request insurers to pay via the EFT standard transaction, which works like direct deposit and can cut down the time spent on processing paper checks and costly VCC/VCP payments.