In a press release, Visa said that under the deal, customers of Cambia’s family of companies will be able to receive health care reimbursements directly to their eligible debit cards, speeding up the payment process. Visa said the idea came from ongoing co-innovation efforts between the two companies aimed at modernizing payments in the healthcare market.
“Checks are still very prevalent in healthcare, for both large dollar and small dollar payments,” Cecilia Frew, head of U.S. Push Payments for Visa Inc., said in the press release. “According to a Visa-conducted survey, 89 percent of U.S. debit cardholders with health insurance say they would likely use a debit card for direct payouts, such as healthcare reimbursements. Through this partnership with Cambia Health Solutions, we will be able to highlight how Visa Direct can help transform healthcare funds disbursements.”
Visa Direct is a card-based platform that can deliver funds in close to real time to more than one billion eligible Visa card accounts, as well as non-Visa branded debit cards. Using VisaNet, the payment network, Visa says it can reach nearly every consumer or small business with a debit card. Funds are disbursed to eligible Visa card accounts using Visa’s secure network without the need for providing checking account and routing numbers or completing additional steps like trial deposits.
Visa said the first step to moving healthcare consumers to digital payments is member reimbursement by health plans. Through the combination of Visa Direct with technology developed by Cambia, consumers can securely submit a claim and request reimbursement to their eligible debit card from their mobile device.
“Cambia Health Solutions’ family of companies are working to make healthcare more efficient for healthcare consumers,” said Scott Powers, president of Health Plan Operations, in the same press release. “We are thrilled to work with Visa to make healthcare reimbursement a more efficient experience for the customers our family of companies serves.”