September 17, 2015
DataPath’s Director of Insurance Payment Solutions Featured on WorkCompWire
DataPath’s Director of IPS, Dave Stair, was featured on WorkCompWire.com for his article, “Poking Holes in Tried-and-True Provider Payment Methods,” published Sept. 14, 2015. Stair explains how workers’ compensation claim complexity is increasing and how technological advances in payment methods may be the best solution for reducing cost, fraud, and payment duplication.
Workers’ compensation claims are becoming more complex as injury severity and recovery duration continue to rise. This means indemnity payers are issuing more provider payments for a lengthier amount of time, exponentially increasing payment costs.
In addition to lengthier payments, payers must also contend with the high expense of check-writing and the vulnerability of sensitive account information when using EFT. There must also be accountability when delivering the required EOBs, which are mailed separately. All of these factors mean payers have to spend valuable resources to ensure payments and the EOBs reach their intended recipient.
Virtual payments may be the best solution for these problems. Providers can use their point-of-service terminal to key in a unique payment code and receive their money instantly, while the EOB is accessed and kept in a web portal. This ensures that payments are made and received quickly and that the EOB doesn’t get lost in the mail.
If payers are looking to streamline the revenue cycle, eliminate payment errors, curb administrative expenses, and increase transparency, they should consider a virtual payment solution.
To read the article, click here.