Visa Direct Takes On Healthcare’s Paper Payout Problem

Visa is pushing for a major shift in how healthcare payments and insurance reimbursements are handled. Currently, about 75% of healthcare payouts are still sent via paper checks. This creates a massive delay for patients who need funds to cover out-of-pocket costs or follow-up care. For medical practices and health-related retailers, this slow movement of money often acts as a barrier to secondary treatments. If a patient is waiting weeks for a reimbursement check, they are less likely to commit to another procedure or purchase high-ticket medical equipment. Visa Direct aims to move these transactions to real-time digital payouts. For your business, this means patients could have their insurance reimbursements or overpayment refunds credited to their debit cards instantly. This improves the patient experience and significantly increases the likelihood that they will have the immediate liquidity needed to fund their next visit. Faster payouts reduce the friction associated with high healthcare costs and help patients transition more quickly from a state of financial waiting to active care. As the industry moves away from paper checks, providers who facilitate these faster financial loops will see better patient retention and more consistent cash flow.

Source: PYMNTS

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