Virtual Payments 101. Mark Goettel - WEX Inc. Senior Product Manager David Gillman - NexPay Chief Executive Officer

Transcription

1 Virtual Payments 101 Mark Goettel - WEX Inc. Senior Product Manager David Gillman - NexPay Chief Executive Officer

2 Today s Presenters Mark Goettel - WEX Inc. Senior Product Manager Mark.goettel@wexinc.com David Gillman - NexPay Chief Executive Officer dwgillman@nexpayinc.com

3 Agenda Introduction Who is WEX What is a Virtual Payment? Healthcare Payments (General) Environment (ACA, regulatory, etc). Check/ACH/Virtual Virtual Payments in Healthcare WEX/ NexPay Partnership How does it work? Benefits Questions

4 Who We Are

5 What is a Virtual Payment? A virtual credit card is an electronic B2B payment solution designed to pay your providers No physical plastic (It s electronic!) One time use, secure account number Real-time processing Near real-time payment availability Transaction specific controls Enhanced data quality 400,000 of 650,000 healthcare providers have accepted commercial MasterCard payments for healthcare claim payments. $5B in 2013.

6 Virtual Payment Process Receive Consolidated Electronic Reconciliation File Payer Manage & Approve Claims for Payment (Existing Claims System) Send Check File Run Wait for Check Cash and Clear Customers continue to manage claims through existing processes but send a file to WEX/NexPay for automatic processing Provider Accepts Payment Through POS Send Electronic Payment Instructions File Push Payment to Provider (Credit Card Network) Controls assigned Real-time, automatically 6

7 Healthcare Payments Environment HITEC, HIPAA, ACA Regulation Medical Loss Ratio Administrative Simplification Efficiency Standards ACA Operating Rules 835 Standardization Technology Virtual Card, ACH Other Innovation Platforms

8 Virtual Payments: More Cost Efficient Payer cost: $0 Payer cost: $ Provider cost: $ Provider cost: $ Total: $3.12 Total: $13.86 Virtual Payment Cost $0 1: Reflects average payment cost of $ using Claimsnet data sample for $0-$300 payment segment. 2: Scotiabank check issuance cost model 3: WEX estimate based on Scotiabank model.

9 I refuse providers Provider Payments: Many Potential Users Current Spend Small Dollar 90% by Paper Check Big Dollar Mostly ACH 600, , , , ,000 EFT-averse providers Sophisticated providers 100,000 0 $ $ $ $ $ $ $5000+ CHECK USERS Small physician offices VIRTUAL CARD USERS Small and Medium physician groups ACH USERS Large hospital systems

10 Your Optimal Healthcare Payments Mix The Virtual Payments Game Board

11 Why WEX Health Banking Flexibility & Simplicity Maintain existing banking relationship Credit/funding options Float advantage Better Cash Management (Higher DPO) Eliminate overpayments to providers Electronic payment presentment Payer-initiated option Real-time access to authorization data View and verify authorizations and available card balance Receive real-time payment notification alerts via

12 The Team that innovated Virtual Payments for Healthcare 30 Years Experience as TPA Complete Payment Management Solution for all pay-types Payment preference database for over 450,000 Providers We work diligently with both the payer and provider to simplify the exchange of funding and data.

13 We are NexPay The team that innovated Virtual Payments for Healthcare with 30 years experience as TPA s. 7 year history of Virtual Payment success Over 5 Billion in payments volume Proven, tested and accurate technology A group of people and partners with a vision and passion for creating disruptive technology that will advance the industry

14 The NexPay/Wex process is simple NexPay delivers the payment/era to the provider Payer Send NexPay The print file you Now send to printer Because the technology is great Elegant Best in Class

15 Sophistication often dictates the payment type requested Technology Sophistication Provider/Hospital Sophistication A-Provider/Hospital Will accept any kind of electronic payment and remittance advice B-Provider Average office size who request a Virtual Payment and Electronic Remittance Advice C-Provider /Hospital Highly sophisticated office issuing 837 and requesting 835 and EFT payment D-Provider Provider will only accept paper check and paper remittance.

16 We Pay Providers in the method they request through Payment Optimization

17 NexPay Payment Delivery Methods Our web based provider portal gives instant access to all payment information. fax NexPay can deliver over 30 Thousand faxes per day NexPay will deliver payment notifications to providers enrolled in pidmd via . USPS Based upon Prompt Pay rules, NexPay will delivery payments via US Postal Service.

18 Let s compare the look of a paper payment to a NexPay Virtual Payment for Healthcare A Typical Paper Check and Remittance That same Payment converted into a Virtual Payment CUSTOMIZABLE TO YOUR LOOK AND FEEL

19 NexPay simply replaces the check with a one time use Virtual Card Completely Customizable Your fields Your data Your Logo Your look and feel All stays the same NexPay can even add beneficial fields you request CLEAR COLORFUL

20 NexPay bridges the communication gap between Payers and Providers Online tools as well as personal help for needed data, payment tracking, tracing, funding all with simple, smart and safe technology. Online tools as well as personal support bridging the Communication gap for providers and payers.

21 pidmd-our Provider Portal Online Tools Online tool for providers used to locate payments and claim detail(eob). View, print, or save PDF version of claim payment detail and ERA (electronic remittance advice) Providers can update payment delivery preference Providers can update payment type preference Providers can update fax numbers Download 835s if available Create login to view historical documents No login needed if viewing 1 payment only Payment Support

22 Provider Support Personal Assistance & coaching NexConnect support team handles provider calling with questions as well as status inquiries and payment reissues. NexConnect support team is available for Providers with 800 number availability to answer questions or to assist with problem resolution. Pay choice guidance about the types of payments offered and available while assisting the provider in choosing and implementing their preferred payment choice. Answers PIDmd user interface questions. FRIENDLY Provider HELPFUL

23 PayScope-Our payer Portal Online Tools View payment status and history Void payments if needed View aging transactions View settled payments Search functions at the plan level Standard reports available Different levels of viewing capabilities Payment Support

24 Payer Support Personal Assistance Personal Help and assistance with any questions or needed service Training Set up and support the funding process Custom reporting File download assistance Compliance Payment information PayScope support You FULLY SUPPORTED PERSONAL ATTENTION

25 Virtual Card Benefits in Healthcare Payor Advantages Eliminates Provider Payment Delivery Cost 100% No start up cost or Fee s. Quick implementation-if you are using an external check printing vendor, NexPay will have you up and running within 30 days Provides a unified payment management strategy and one-vendor point of delivery for all payments types. Duplicates the payer s payment and detail, complete with logos and remittance data Requires no claim system integration. Delivers non-pay documents (zero pays) Does not require TPA claim system to void and reissue check payment type for lost checks NexPay creates a simplified reconciliation process for the plan sponsor. ELIMINATE GENERATE

26 Virtual Cards in Healthcare Providers want a choice in the method they are paid. Working with providers is a core component of any payment cycle innovation and at NexPay we are the only company working with Providers to HELP them in this new process. Our results are a testament to our Provider relationships. Results for Providers Payment choice Speed of Payment Improved cash flow Electronic Data Available anytime Single Source for Multiple Payors payments Historical information and payment details are available on pidmd. Providers may re-associate payments with remittance advices quickly and easily on pidmd. Personal Support for each payment available from our NexPay customer support team. Meaningful Results Provider Friendly

27 Thank You! If you have additional questions, please contact: Mark Goettel Senior Product Manager

28 Questions?