Trends in Electronic Payments and the Impact on Provider Revenue
Research indicates the more methods a provider offers patients for remittance, the more likely the provider will be paid quickly. Why, then, have providers proven reluctant to embrace one of the newest and innovative methods of payment: virtual cards? On today’s show, Phillip Cardona and Bill Barbato reveal what virtual cards are, how they help providers get immediate payment of approved claims, why providers have been reluctant to embrace them, and why that reluctance might be fading.
Phillip Cardona is strategy executive for the Payer Growth Program at Change Healthcare. Bill Barbato is general manager and vice president of Payment Solutions at Change Healthcare.
Here's what they dug into:
Payment options defined, pros and cons
The link between payment options and bad debt
How electronic payment speeds payer reimbursement
Virtual cards defined
How virtual cards work
Where virtual cards fit in the array of provider payment options
Why virtual cards have caught on elsewhere but not in healthcare