Alegeus Technologies has partnered with corporate payment solutions provider, WEX, to launch a new virtual card payment method for the post-adjudication claims market.
Designed to serve as an alternative to automated clearing house (ACH) payments, the new method provides WEX Health electronic technology to payers and providers for efficient settlement of claim payments and elimination of costly check payments.
Besides ensuring compliance with the Affordable Care Act and other regulatory changes, the new settlement option is also capable of reducing administrative expenses and fraud risks.
Alegeus CEO Tom Torre said the partnership will offer virtual card payments as another electronic payment method, providing the company’s payer clients with the broadest set of available settlement options.
WEX global virtual payments general manager Jim Pratt said, ”Through WEX’s pioneering technology and our experience in healthcare payments, Alegeus and its payer clients will be able to achieve the same benefits of our customers in the health, insurance, travel and education markets.”
The solution will also accelerate the transition to more efficient and cost effective electronic payment methods, enabling payers to eliminate the cost and overhead of printing and mailing.
Advantages for providers include faster payments, elimination of the manual processing required for handling paper checks, as well as the reduced risk of checks being lost or stolen.