Ten years ago, the Affordable Care Act required health care payers like insurance providers to adopt new technologies to increase payment speed and security.
But compliance with the Electronic Funds Transfer (EFT) mandate, as well as with a requirement to use Electronic Remittance Advice (ERA) lagged due to implementation complexities.
Enter virtual cards. Just like physical payment cards, virtual cards use 16-digit identifiers that are linked to a payment account. Their special features and unique flexibility offer distinct advantages over traditional health card payment methods.
In our article, you’ll find out:
- How virtual cards compare to ACH payments
- What kind of additional security can be provided by virtual cards?
- How virtual cards can satisfy the ACA’s ERA requirement