More than half of patients prefer electronic billing and payment, a recent survey shows, yet healthcare organizations are slow to make the move: Just 20 percent are ready to accept payments other than by check, cash or traditional credit card.
Meanwhile, the cost of paper-based check payments is staggering. Providers spend 8 to 30 minutes more processing manual transactions than electronic transactions, according to the 2016 CAQH Index. Costs increase by $3 per check-based transaction. At more than 3 billion manual transactions a year between payers and providers alone, that’s a significant expense.
One paperless payment option that has the potential to revamp medical billing: virtual card payments.
Virtual card payments are widely used by other industries, with total spend for business-to-business transactions expected to reach $377 billion this year. But while 69 percent of executives expect use of virtual cards to increase over the next three years, more than 40 percent of CFOs admit they don’t know enough about virtual card payments to use them, according to an industry report. [Read more…]