Some insurance companies have begun using credit cards to reimburse providers, which means steep transaction fees lower the payment below contracted rates, according to a report on American Medical News.
The American Medical Association sent a letter to the Centers for Medicare and Medicaid Services earlier this month asking the regulatory body to prohibit this type of payment from insurance companies. The letter also requested providers be encouraged to adopt new electronic funds transfer standards.
Physicians receiving credit card payments, which have up to 5 percent processing fee, can request payers issue payments through electronic funds transfer to deposit the payment directly into the practice's account, according to the report.
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