Problem Statement

The payment of healthcare claims relies on a large network of Payers and Providers, creating a complex environment filled with inefficiencies and high costs. When banking information is not available, Payers frequently pay their Providers with virtual cards. To accept these payments, Providers must use inefficient manual processes, such as typing card numbers into desk top terminals or unpacking card numbers and entering them into a gateway. Not only does this introduce risk to the Provider, it is also expensive. Payment processors will typically surcharge for these entry mechanisms, often costing the Provider up to 5% per transaction. Additionally, the Provider’s staff is responsible for manually reconciling the payment into the Practice Management Software / ERP based on the separately provided 835. The end-to-end experience is cumbersome and error-prone, resulting in dissatisfaction for both Payers and Providers.

AT A GLANCE

• $6.2T Expected size of healthcare expenditures in the U.S. by 2028
• 85% of CFOs at large healthcare organizations say that cybersecurity is an increasing priority as a result of the pandemic
• #1 Managing receivables is the top initiative for surveyed CFOs at large health systems

Solution

Boost Payment Solutions can address the key pain points of the healthcare claims payment process with our Virtual Healthcare Lockbox, powered by Boost Intercept®. Payers send virtual card reimbursements directly to the Provider’s Virtual Healthcare Lockbox, where it is automatically...Read more.