LITTLE ROCK, Ark.--(BUSINESS WIRE)--“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." [Click to tweet @DataPath_Inc] Examples of associated risks are included in the chart below.
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|Higher propensity for fraud||X||X|
|Inquiry calls to adjusters||X||X|
|Higher administrative costs||X||X|
|Duplication of payments||X||X|
|Inability to tie EDI directly to claim system||X||X|
|No 24x7 support||X||X|
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|Inability to attach EOB||X|
"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."
About DataPath Little Rock-based DataPath has created flexible financial and administrative solutions since 1984. DataPath’s workers’ compensation solutions include secure, card-based indemnity payment processing and a provider payment offering that makes it easier to distribute and track payments for workers’ compensation medical services. Learn more at www.dpath.com.