ACH Processing Company, a leading B2B payment processing and financial technology service provider founded in 1998, today announced an accounts payable virtual card payments “Virtual/PCard” solution for healthcare payers and Third Party Administrators (TPAs) to help recoup lost revenue during COVID-19. The Virtual/PCard provides a cash rebate to the payer (TPAs) per transaction on accounts payable—after payment is made to a vendor or supplier.
The amount of cash rebate varies and is calculated based on a percentage for each claim paid. Both large and mid-sized TPAs and healthcare payers can earn significant amounts depending on the number of claims processed.
“Most healthcare payers across the country had to pivot, and some even draw upon existing bank liquidity lines to meet their financial obligations during COVID-19 pandemic,” said John Innes, President of ACH Processing Company. “The healthcare industry deserves better. We have an immediate B2B solution that is the fastest way to get money in the bank and put cash on the balance sheet for our TPAs.”
For small, mid, or enterprise Health Insurance Companies and Third Party Administrators (TPAs) who provide claims administration, health and dental claims processing, the Virtual/PCard reduces administrative costs and time required to process each claim paid. Compared to traditional methods, like ACH and paper checks, whereby claims are paid anywhere between four to five days and two weeks respectively, payment via the Virtual/PCard is instant.
Accounts Payable Virtual Card Payments are safe and secure and simple to implement. A Virtual/PCard sends a payment, from the payer to the payee, instantaneously via the Internet using a one-time 16-digit card number on each transaction. No extra systems or hardware is needed. The Virtual/PCard seamlessly integrates with top enterprise medical accounting software such as Sage and NetSuite.
Healthcare Payers can also benefit from other advantages with the Virtual/PCard like:
- Creates a new source of revenue for healthcare payers on each transaction
- No set-up of transaction fees
- Reduces the cost of bank and check processing to pay claim
- Simplifies the reconciliation process and delivers real-time reconciliation data
- Provides an easy-to-use web based PCard payment portal that is flexible and secure
- Maximizes adoption of digital payments going forward due to COVID-19
For more information, please visit https://www.achprocessing.com. For information on how ACH Processing Company’s Virtual/PCard works and helps healthcare payers and TPAs earn cash rebates, download the free white paper.