jeffrey.urkevich

Insurance Payments via Credit Card

Discussion created by jeffrey.urkevich on Apr 27, 2016
Latest reply on Jun 9, 2016 by lindamoseley

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:

 

  • Contractual Plan Analysis Report:Insurance payments by credit card are listed as separate entries with an amount in the Credit column.
  • The Contractual Plan Analysis Summary page lists the new "Insurance Payments" amounts in the Collections section.
  • Capitation Collections Summary Report:Amounts posted for insurance payments by credit card are added to the Supplemental Insurance Payments line.
  • Insurance Check Distribution Report (now renamed the Insurance Payment Distribution Report):Insurance payments by credit card are listed as separate entries.
  • Deposit Slip:Insurance payments by credit card are displayed on the Credit Card Slips to Deposit page.
  • Daysheet:Insurance payments by credit card are displayed on the first page, with an amount in the Credit column.
  • Insurance payments by credit card are also displayed on the Credit Card Deposit Slips page.
  • Account Billing Statement:Insurance payments by credit card are displayed as separate entries and include the claim number, if a claim has been attached.
  • Credit Card Receipt:Insurance payments by credit card are displayed as separate entries.

 

Let's keep the conversation going, are you accepting insurance payments by credit card in your practice?  Are you being charged processing fees?

Outcomes