Electronic Payments Fulfillment Services
WorkCompPay® Provides Value for the Payer and Provider
Payer
- Streamlined enrollment process
- Complete Provider enablement program
- Minimal integration requirements
- Improved controls and reconciliation data
Provider
- Eliminates Payer enrollment process
- Reduced redemption effort
- Lower redemption costs
- Improved settlement times
- Improved security
- Data-enhanced transactions
- Access to electronic remittance detail
Starting July 2018
TN
IL
OR
LA
NC
CA
Payment methods supported through WorkCompPay
Virtual Cards 2.0
Straight Through Processing
MCC code restricted, delivered securely through PCI-DSS / HIPAA certified compliant fax, mail or real-time directly to the merchant account.
Virtual Cards 1.0
Manual Processing
MCC code restricted, delivered securely through PCI-DSS / HIPAA certified compliant fax, mail or real-time directly to the merchant account.
Paper Checks – Print & Mail
Flexible printing process integrated with clearinghouse services to reduce costs and pivot providers to electronic payment services.
eChecks – Digital
Cutting edge eCheck delivery and acceptance process ensures 100% guaranteed delivery of payments and acceptance by banking institutions. Provider Relations manage Level 1 support and Opt Out process for our clients.
ACH Payments
For providers who elect to receive ACH Payments, WorkCompPay™ provides you with significant savings through our partnership with the nation’s largest ACH network. We provide access to more than 75% of the healthcare provider population, representing over $400B in delivered Health Benefit and Workers’ Compensation payments
How It Works
Receive payment File from Payer.
Payment funds are received via ACH
Match payment file to WorkCompPay Provider payment profile DB
Generate virtual card via payment networks using payment funds provided by Payer
Payment delivered to Provider’s merchant account via WorkCompPay intelligent routing table
Interchange fee earned on each card transaction
Approach to Solving Industry Pain Points
Intelligent Routing
- WorkCompPay always “knows” where to route the payment
- Least cost routing increases provider adoption and reduces time-to-settle
- WorkCompPay is a better “on ramp” that enables net new transactions on existing credit and debit card rails
Improved Provider Experience
- Straight-Through-Processing eliminates Provider effort to redeem payments
- Transaction prices can be further tuned to meet the needs of varying Provider segments
- Eliminates processing fees from manually keyed transactions
Superior Payer Economics
- Greater Provider utility results in increased adoption and higher payment volumes for our customers
- WorkCompPay process enables Payers to negotiate with Providers to increase acceptance
- Offers alternative transaction methods as complement to maximize revenue