A seamless incident response plan incorporates all stakeholders... ciated with wire transfers vary, but the average provider will pay $10.73 regardless of the payment amount. With virtual cards, providers pay an average interchange fee of 3 percent, plus a pertransaction fee to process the transactions. some health plans are being incented by card issuers to switch from check to virtual card payments in exchange for a rebate of up to 1.75 percent of the interchange fee paid by the provider. Educated Choice While HIPaa requires health plans to make eFT via aCH available upon request, providers should be cognizant of any restrictions in payment methods when contracting with health plans. They should also avoid signing contracts with inflexible payment terms. Providers who don’t wish to accept health plan virtual card payments should educate their office staff to recognize the difference between patient and health plan payments, in order to prevent undesired authorization of health plan virtual card payments. It is important for providers to understand their rights under HIPaa and the aCa and make an educated decision on how their organization 22 HBma BIllINg • NOVemBer.DeCemBer.2014 will be paid for claims reimbursements. lack of understanding and transparency can have a significant impact on the bottom line of the practice. To learn more, visit https://healthcare.nacha.org. Priscilla Holland is the senior director of healthcare and industry verticals for NACHA. As senior director, she leads NACHA's healthcare payments program and works on other payments and remittance information and standards projects. She has more than 20 years of experience in cash management, project management, and product development and is an accredited ACH professional (AAP) and a permanent certified cash manager (CCM). Resources 1. “Blue Book of Bank Prices,” Phoenix-Hecht, 2012-2013, www.phoenixhecht.com/Treasuryresources/Products/Blue_Book.html. 2. Ibid. Funds availability (as measured from the time that a plan initiates payment) average Cost to Provider On a $2,500 Claim Payment enrollment/acceptance Process risk manual reassociation Trace Number (TrN) Healthcare EFT Standard (via ACH) Next Day $0.34 1 One time with each health plan Very low risk. Financial institutions can support additional account monitoring tools, such as debit filters or blocks. None standardized inclusion of TrN with aCH payment Virtual Card 2-3 business days, plus mail float Percentage of total payment, plus a transaction fee example: 3 percent average interchange fee on $2,500, plus a $0.10 transaction fee = $75.10 must have agreement with merchant card processing provider and POs processing system/terminal Higher risk. Card numbers have information that can be used by anyone with the ability to accept card payments. each payment must be processed manually. Not included with payments. Cannot receive HIPaa-compliant era with virtual card payments. Wire Transfer same Day $10.73 2 One time with each health plan Very low risk None No requirement to include TrN with wire transfer, but it can be included in remittance information. Comparing EFT Payment Options
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