Virtual Credit Card Fees: The Skim Hiding in Your Insurance Payments
Some dental plans still reimburse by virtual credit card, which forces the practice to run its own claim payment through card rails and give up a processing fee on money it already earned. That is a real revenue leak because the faster payment method is not the same thing as the cheaper one.
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The Problem
Some dental plans still reimburse by virtual credit card, which forces the practice to run its own claim payment through card rails and give up a processing fee on money it already earned. That is a real revenue leak because the faster payment method is not the same thing as the cheaper one.
The Playbook
Review last month's remittances and flag every payment that arrived as a virtual card or another fee-bearing method. Request EFT or ACH plus ERA from each payer, decline fee-based default payment methods, and verify the next remittances actually switch. Keep a simple payer tracker with payment method, enrollment status, and follow-up date so the change stays in place.
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