LITTLE ROCK, Ark., Feb. 11, 2016 /PRNewswire/ -- "Assessing the Hidden Risks of Payment Processing," a new DataPath white paper, examines the hidden risks of having multiple parties involved in the insurance payment process. The benefits administration and workers' compensation payment solutions provider highlights the benefits of using a single end-to-end card processor to increase flexibility, efficiency and security within the revenue cycle.
"With just one company handling the payment process, you reduce the number of times personal data and money is exchanged," explains Bryce Teater, manager of product marketing for DataPath. "This in turn decreases the chance for errors and delays."
Over the course of an insurance payment from insurer to provider, money and data change hands multiple times. For example, insurers often outsource payment processing to a third-party administrator (TPA). TPAs might then outsource the financial portion of the payment process to a payment solutions company, which often hires a card company to execute the payment. This series of corporate handshakes could present risks to the employer, insurer and injured worker alike, including a higher likelihood for data breaches, increased logistical issues, and higher operational and overhead costs.
Teater notes that these risks can be mitigated by using an end-to-end card processor, operated by a single company.
"In terms of security, an end-to-end card processor ensures full compliance with all financial and medical regulations," Teater said. "It also streamlines the payment process for both insurers and TPAs, which increases operational efficiency and decreases payroll and overhead expenses."
DataPath, Inc. is a privately-owned business based in Little Rock, AR. Since 1984, DataPath has been creating solutions for the administration of consumer-directed healthcare accounts, premium billing and insurance payments. The company is also an end-to-end payment processor for workers' compensation, indemnity and provider payments. In 2015, DataPath helped develop and administer the healthcare 'private option' for the State of Arkansas. Learn more at www.dpath.com.
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SOURCE DataPath, Inc.