Over the last two weeks, we have addressed two of three payment processing challenges Zelis Payments identified by business management and billing professionals at the HBMA Healthcare Revenue Cycle Conference in Phoenix, AZ.
Today, let’s look at the final challenge – the time required to process virtual cards.
While the use of virtual cards might be a polarizing topic in the industry, they currently have established their place in the payment mix. Zelis Payments utilizes an opt-in model based on provider choice. That means that Zelis Payments does not send a payment without the provider’s consent, and upon consent, the provider chooses the format in which the payment will be made. Zelis Payments has found that when presented with the choice, virtual cards continue to have a high acceptance rate. Virtual cards are easy to implement and don’t require the provider to share bank information – a contributing factor to the high acceptance rate.
That said, cards do have the drawback of the time which is required to manually input 32-34 keystrokes per transaction, thus resulting in a lengthy and potentially error-prone process. Additionally, this payment format requires manual entry of the corresponding EOP which further decreases processing efficiency and increases overhead.
How Zelis Payments Helps:
Select Consolidated Card
Zelis Payments has developed this soon to be released payment solution. The Select Consolidated Card is designed to deliver aggregated virtual card payments from multiple payers for a single provider via one master card number. This reduces manual processing time resulting in enhanced productivity for billing company agents.
Manual Reconciliation of Payment to EOP/835
Since virtual cards cannot be automatically re-associated with remittance data, Zelis Payments developed a solution to allow for manual reconciliation. If you choose to receive 835s with your virtual cards, Zelis matches the claim payment ID to a segment within the Trace Reassociation Number (TRN) of the 835. Manual reconciliation of the payment ID in the TRN reduces time spent reconciling which, once again, improves processing efficiency while reducing overhead.
835 Delivery Options
The Zelis Payments technology also gives virtual card clients the option of receiving 835s at their clearinghouse or secure FTP service or via download from their secure portal. This eliminates the need to enter remittance data manually, thereby improving efficiency and; importantly, accuracy.
Zelis Payments appreciates the learning gathered at HBMA’s Healthcare Revenue Cycle Conference and the opportunity to share how our solutions solve the top three challenges indicated in the poll: lack of sufficient detail in denial codes, challenges maximizing resources and the time required to process virtual cards.
At Zelis Payments, we continuously strive to develop innovative solutions for our clients which add further efficiency to the processing of claim payments and value for businesses like yours.