medical insurance | PractiSynergy: From Medical Billing to Practice Management

Am I being Scammed? – The Truth Behind Virtual Credit Cards

Did you get a piece of paper in the mail with what appears to be an outline of a credit card with numbers and a whole bit? What are these and are they legit?

It’s no secret the internet is slowly taking over. Everything is becoming ‘optimized & automated’. After COVID, the virtual world skyrocketed as we know it. It’s no surprise credit card companies have wanted an in. These virtual credit cards advertise as a streamlined way to make purchases and keep up with payments. Much like everything else, virtuality has its pitfalls. Not everything is meant to be optimized. Have you ever been on the phone with a large company, needing assistance, but find it takes an endless amount of time to reach an actual person? Virtual robots can’t assist you the way human interaction can.

Providers are getting buried in a sea of virtual credit cards coming from all different insurance companies – companies as large as UnitedHealthcare to small private union insurance funds. The appeal behind these virtual cards can be rooted within streamlining the process. Insurers are trying to reduce costs by outsourcing payment processing. Printing checks requires supply costs as well as people to print and handle these checks. The downfall of checks include getting lost mail. The advantage of virtual credit cards means it’s easier to track. Since the credit card isn’t tangible, the balance can’t get lost.

Each insurer has different needs. Providers must figure out what is the best option for them – virtual credit cards, physical checks or direct deposits. All fees need to be examined as well as the time it may take if checks get lost. Some corporations find it beneficial to outsource to virtual assistance – saving them time to get back to their main job duties. The right virtual credit card can also help protect personal information and privacy. Virtual cards generate new card numbers, so that individual account numbers can stay confidential.

Providers get dinged with fees since they have to run the cards through a merchant service provider (credit card servicer) that will deposit the funds into their bank account. If you decide a virtual credit card is not your jam. You must initial the “opt-out” of these cards and select check or direct deposit. Keep in mind some of the direct deposit options through these outsourced vendors also charge a fee.

All in all, there’s a give and take between payment options. Each individual requires different needs. And it’s important to seek counsel when choosing the best option. At PractiSynergy, we work closely with clients to give them the best option for their unique needs. To get informed about our medical coding and billing services, reach out to Katie Fergus. Call 515.412.2800 or email katie@practisynergy.com.

Deductible Season For All Medical Insurances

1. Eligibility Check

Always check insurance eligibility. This includes MEDICARE! Medicare beneficiaries had open enrollment late fall allowing them to choose Medicare advantage plans as well as supplemental
plans. What do you want to look for when checking eligibility and verifying benefits?

a. Does the patient have an active policy? What is the effective date of that policy?

b. Does the patient have a co-pay, deductible, coinsurance, or an out-of-pocket maximum?

c. Does the service you provide require a prior authorization or a referral?

d. Does the patient have any secondary insurance?

2. Payment Collection

Collect payments from patients at the time of service. Unless an insurer bars you from billing a patient (such as Medicaid), it is wise to collect money up front. Always collect a co-pay at the time of service. If a patient has a deductible or co-insurance that applies to your service, collect a set amount of money at the time of service. Depending on your patient population and service provided anywhere between $50-$150 might be appropriate for your practice.

3. Don’t Make It Difficult To Pay For Patients

Always take a payment if a patient offers, and do not make it difficult for your patients to pay.

Technology is spanning all the generations. Patients regardless of age expect the ability to pay their bills online. Identity theft has increase and few patients want to send a check or credit card through the mail for fear it will be stolen. Secure email and text is a great way to remind your patients they still have a bill outstanding.

Finally, remind patients (verbally, in writing, or both) of their financial responsibility. Whether it is keeping insurance updated, patient contact information updated, and a friendly reminder that most insurers require the patient to pay the provider some portion of their bill – even Medicare (Medicare’s deductible for 2022 is $233).

These strategies will help medical practices keep a better cash flow during this deductible season. PractiSynergy can help providers set up these processes. Please contact Katie Fergus, call 515.412.2800 or email katie@wordpress-799426-3758877.cloudwaysapps.com.