Virtual credit cards are a growing payment method for health plans and third-party vendors to physician practices, according to Medical Group Management Association's Stat poll.
Virtual credit cards comprise a 16-digit credit card number, which is faxed or emailed to a practice. The practice then runs the number through its credit card system, similar to how a medical group would charge a patient for a deductible and copay, according to MGMA. The practice must also pay all interchange fees, which can range from 2 to 5 percent of the total amount charged.
Here are three findings from the Dec. 19 poll, which included 700-plus responses.
1. Roughly a quarter (24 percent) of respondents said 1 to 2 percent of their payments came from virtual credit cards.
2. Twelve percent of those surveyed said virtual credit cards represented 3 to 15 percent of their payments. Only two percent said they received 16 percent or more of their payments from virtual credit cards.
3. Nearly a third (32 percent) of respondents said they did not receive virtual credit card payments, and another 30 percent were unsure.
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