The efficiency of Insurance Disbursements processes are greatly increased by utilizing Real-Time Push Payments.
Prior to PayFi, the only real-time payment option being offered to Medical Insurance Providers (Doctors) by Insurers or Third Party Administrators (TPAs) is Commercial Virtual Card (CVC) payments. Although immediate, this payout option is expensive for the Provider and does not solve for the manual reconciliation of the corresponding Explanation of Benefits (EOBs).
The good news is that real-time payments appeals to both providers and payers for large dollar payouts. “Real-Time Payments” ride the debit card networks to allow payers to instantly fund a provider’s bank account for a flat fee, regardless of the dollar value of the transaction.
Payers can now provide another immediate electronic payout solution, which eliminates the cost of checks and ACH.tell me more