Little Rock, AR – “The Missing Link in Provider Payments,” a new DataPath white paper, reveals how increases in medical costs and the number of providers for each claim are driving a need to modernize the workers’ compensation revenue cycle. DataPath, a workers’ compensation payments solution provider, also highlights the benefits of a potential alternative—virtual payments.
Traditionally, providers have been reimbursed for claims via electronic funds transfer (EFT) or check. However, the DataPath white paper discusses how these traditional payment methods can lead to errors, duplication of payment and even fraud. In fact, according to the 2015 AFP Payment Fraud Survey, checks remain the most-often targeted payment method by those committing fraud attacks. Examples of associated risks are included in the chart below.
“The Missing Link in Provider Payments” white paper introduces virtual payments, an alternative reimbursement method that streamlines the workers’ compensation revenue cycle for both payers and providers.
“A key challenge for workers’ compensation payers is the ability to process payments cost-effectively and efficiently, while attaching an explanation of benefits so that the provider can easily adjudicate the payment,” said Dave Stair, director of insurance payment solutions for DataPath. “Many payers are pushing multiple payments to a single provider each week, adding unnecessary administrative pain points. Virtual payments give them a new alternative.”
Click here to access the whitepaper: DataPath: “The Missing Link in Provider Payments”
Source: DataPath