Why it’s a “Hard Pass” on Virtual Credit Cards

virtual credit card payments

At Altus Pediatric Billing, we understand your priorities. Your passion lies in keeping kids healthy and running a successful pediatric practice. But the business side of things, especially managing insurance payments, can quickly turn into a time-consuming headache. 

That’s why we want to shed light on a sneaky culprit that can silently erode your profits: virtual credit card payments.

The Hidden Cost of Convenience

On the surface, VCCs seem like a win for insurance companies. They generate a one-time-use card number for a specific amount, eliminating the need for check printing and mailing. But here’s the catch: those processing fees for VCC transactions can range from a hefty 2-5%. 

Let’s put that into perspective. For every $100 you’re owed, you could be losing $2 to $5 – money that could be significantly impacting your ability to reinvest in your practice. Upgrading equipment, expanding services, or even hiring additional staff to provide exceptional care for your young patients – these crucial investments could be hampered by these hidden fees.

Demystifying VCCs

Let’s delve deeper into what VCCs are and why they pose such a challenge. Essentially, VCCs are temporary credit card numbers tied to a specific payment amount. They often arrive as a physical sheet of paper with the number and explanation of benefits printed alongside. 

Despite the “virtual” moniker, they’re frequently mailed or even faxed, adding to the inefficiency. Imagine the wasted time and resources spent manually processing these paper-based transactions.

The $30,000 You Weren’t Aware You Were Losing

Here’s a real-world scenario to illustrate the significant impact of VCCs. Let’s say your practice generates a healthy $4 million annually, with 25% of that coming from insurance companies. If even a quarter of those payments arrive as VCCs, and you’re paying a standard 3% merchant fee, that translates to a staggering $30,000 disappearing each year – just to accept money you’re rightfully owed! That’s a significant sum that could be put to far better use within your practice.

Taking Back Control: Stop Accepting VCC Payments

The good news is, you are not obligated to accept VCCs. Here’s how you can reclaim control:

  • Proactive Communication: Reach out to the insurance companies sending you VCCs. Request a switch to a more efficient method, like automatic deposit (ACH) or even traditional paper checks. Explain the cost implications of VCCs and how alternative methods would benefit both parties.
  • Explore Online Opt-Out Options: Many insurance companies offer online opt-out options for VCC payments. Take some time to explore their websites and see if this is a readily available solution for your practice.
  • Partner with Altus Pediatric Billing: We take pride in being experts at navigating the complexities of insurance payments. Our pediatric billing team will meticulously identify and eliminate VCCs from your payment stream, ensuring you get paid efficiently and without hidden fees.

Beyond VCCs: The Broader Challenge of Insurance Payments

VCCs are just one piece of the puzzle when it comes to the complexities of insurance billing and reimbursement. Navigating the ever-changing landscape of insurance regulations, coding requirements, and prior authorizations can be a full-time job in itself. This takes valuable time away from what you do best – caring for your patients.

The Altus Advantage: Streamlining Your Revenue Cycle

At Altus Pediatric Billing, we offer a comprehensive solution that goes beyond simply eliminating VCCs. We take care of the entire revenue cycle for your practice, including:

  • Insurance Verification and Eligibility: We ensure accurate and up-to-date insurance information for all your patients, minimizing the risk of denials and delays.
  • Coding and Claims Submission: Our experienced team understands the intricacies of pediatric billing codes and will ensure your claims are submitted accurately and efficiently.
  • Denial Management: We fight for denied claims and ensure you receive the full reimbursement you deserve.
  • Payment Tracking and Reporting: We provide you with clear and concise profitability reports on your practice’s financial performance, allowing you to make informed business decisions.

Focus on Your Patients, Not Payment Processing:

Imagine the possibilities with an extra $30,000 a year, or even more, freed up from eliminating virtual credit card payments and streamlining your entire revenue cycle. Invest in cutting-edge equipment to enhance your practice’s capabilities. Hire additional staff to ensure personalized and attentive care for your patients.