Many insurance companies are now paying claims with one-time use or "virtual" credit cards. While this gets the payment to your bank account quickly, you may be paying a processing fee of up to 2%. Most carriers will provide you with an 800 number to call, should you decide to opt out of these types of payments.
If claims payments by credit card are a fit for your office, SoftDent Version 16 is ready to help! The following transaction types have been added to version 16 to handle single use/virtual credit card payments:
11.93 MasterCard Insurance Payment
12.93 VISA Insurance Payment
13.93 Discover Insurance Payment
14.93 American Express Insurance Payment
And to help you track and balance these transactions, insurance credit card payment amounts are now included in the following reports:
Let's keep the conversation going, are you accepting insurance payments by credit card in your practice? Are you being charged processing fees?
The "real" benefit by doing so is the ability to attach the insurance claim to the credit card payment. Previously, there was not a way in order to attach or complete the claims, other than through a series of workarounds, or by manually deleting the insurance claims after the credit card insurance payment is posted.
Karen, they are the credit card posting codes, but with code modifiers at the end. For example, if Visa was code 11, then code 11.5 would be for Visa insurance virtual check (don't quote me , just from memory). If you don't see them on your ADA code list, then click off the "inactive" and maybe they'll be present.
I've been adding the 11.93, 12.93 etc. codes, but I'm not seeing where you can add in your claim #. I'm still having to take out the insurance claim by adding a "2" and making a note. Any advice?