InComm Payments, which works in global payments tech, is partnering with Visa on a new healthcare benefits solution, according to a press release.
The Dual Network Benefits Card will combine the closed-loop, UPC-restricted OTC Network and open-loop Visa network into a new card which will be available for use for healthcare plans, simplifying the supplemental benefits and incentive offerings, the release stated. The hybrid solution will let health plans offer benefits for dental, vision and hearing, among other services. Plans will be able to keep offering their catalogs and benefits, like over-the-counter medications, supplemental benefits and healthy foods, through the OTC Network.
The solution will come with a configurable way for plans to meet members’ needs, from in-person stores to mail-orders and eCommerce, according to the release.
The solution will also do away with the need for separate cards for every kind of benefit or incentive program. And the Visa network will let people spend at specific medical merchant categories, allowing for expansions of available provider networks and also restricting spending only to approved care. That cuts down the need for managing dental and vision and other such services by adding funds to the card and letting the member choose their own provider, the release stated.
“This is a game-changer in how healthcare benefits will be managed, giving health plans greater flexibility when it comes to allocating their benefits — ensuring members get them when and where it matters most,” said InComm Payments Executive Vice President Brian Parlotto in the release. “We’re excited to continue innovating in this space by simplifying the healthcare benefits process for members and plans.”
Flexible payments for healthcare are on the rise, PYMNTS reported. Flywire, a payments solution firm, added new features last year, including customized installment plans that allow patients to pay what they can for health needs.
The new features include pre- and post-service payment plans, leveraging data to determine patient affordability.
NEW PYMNTS DATA: CRYPTOCURRENCY PAYMENTS STUDY – MAY 2021
About The Study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plan say they plan to use it to make payments for everything from financial services to groceries. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and nonusers in the U.S. to examine the ways in which they plan to use crypto to make purchases, what crypto they plan to use — and how merchant acceptance can influence merchant choice and consumer spend.
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