CMS President Deb Parsons, MD, FACP, submitted comments to Insurance Commissioner Mike Conway on Draft Revised Bulletin B-6.3 - Claims Settlement Payments Via Pre-paid Debit or Stored Value Cards to clarify how such cards may be used by insurance carriers.
“We would respectfully ask that you add the use of Virtual Credit Cards (VCC) to the bulletin. The difference being a VCC is not a physical card, rather the insurer provides the physician with electronic credit card information that the practice is intended to process as any other credit card transaction,” Parsons wrote in the letter. “The use of a VCC should be in accordance with the protections outlined in the bulletin.”
The letter stated CMS’s agreement with the American Medical Association’s policy on Virtual Credit Card Payments (H-190.955) and support of transparency, fairness, and provider choice in payers’ use of virtual credit card payments.
Read Parson’s letter here and access links to the draft bulletin and AMA policy.