New Convenient InsurCard Virtual Card Allows Insurers to Save Costs by Paying Medical and P&C Service Providers Electronically

PHILADELPHIA--(BUSINESS WIRE)-- InsurCard, the leader in prepaid cards to pay P&C insurance claims, is expanding their line of prepaid card products with the new InsurCard Virtual Card designed specifically for making electronic claim payments to medical, auto repair, home contractor, and other P&C service providers.

The InsurCard Virtual Card makes paying providers faster and less costly than checks. It is designed to benefit both insurers and their service providers with rapid, safe payments. By using the InsurCard Virtual Card, insurers eliminate check printing, mailing costs, and the risks and time delays associated with mailing checks.

InsurCard sends providers a statement, by email or fax, containing the one-time payment on a Virtual Prepaid Card along with the Explanation of Payment advice on the same document. The inclusion of an Explanation of Payment puts the InsurCard Virtual Card ahead of competing electronic payment methods. The new InsurCard Virtual Card and Explanation of Payment is clear and concise so healthcare and other service providers will not be confused as to what bills have been paid. The payment is made with no fees to the insurer. To get their payment, the provider simply enters the virtual card number and payment amount into their merchant terminal and payment is made immediately.

“Providers prefer electronic payment by this method because it allows them to maintain their existing internal business methods of matching payments to bills,” said Bob Mendte, President of InsurCard. “And unlike with EFT payments, no enrollment is required and there is never any confusion over what services are covered by the payment. Moreover, unlike with checks, providers get their payment immediately. There’s no running to the bank or waiting for checks to clear,” said InsurCard’s Mendte.

Implementation of the InsurCard Virtual Card couldn’t be simpler. No systems integration by the insurer is required. The InsurCard Virtual Card uses the same information produced today by insurers when issuing checks.

The InsurCard Virtual Card is a complete turnkey program for insurers making provider payments. It guarantees cost savings. There are no implementation fees and no transaction fees to the insurer. It uses an insurer’s existing payment file format. And it is simple to rollout.

ABOUT INSURCARD

Workers Compensation & Property Claims Payment Solutions

InsurCard is a subsidiary of Service Network Design, LLC (SND), a management consulting firm with corporate financial clients in both the insurance and prepaid card industries. InsurCard Prepaid Cards evolved from SND’s experience in these industries where the need for new claim payment solutions was recognized. The InsurCard Prepaid Card and the InsurCard Virtual Card were specifically designed to meet the stringent requirements of both the insurance and prepaid card industries. For more information about InsurCard and the new InsurCard Virtual Card program, visit www.insurcard.com or call 1-800-708-9887.

Connor CommunicationsKaren Connor, 610-828-4412 x 201
Cell: 610-547-6713

Source: InsurCard