Boston, April 6, 2021  – Virtual cards are another viable alternative to checks, and in some cases ACH. They should be considered one of multiple options payers and providers can use to transact, but the product continues to face hurdles with providers concerning payment experience, processing fees, and workflow integration. With providers accepting more business-to-business disbursements and with a market that is ripe for an infusion of new payment methods, virtual card players need to solve the challenges with more coordination not only between payers and providers but also among card networks, payments platforms, merchant-acquiring businesses, and patient accounting systems.

This report outlines macro disbursement and remittance advice trends. It breaks out findings by insurance type, provider type, provider size, and the current status of providers’ virtual card acceptance. The analysis is based on a Q3 2020 Aite Group survey of 300 U.S. healthcare providers, including small, midsize, and large U.S. medical, dental, and vision providers. These providers receive virtual card payments, previously received them in the last 12 months, or are actively considering receiving virtual card payments for the following disbursements: medical, dental, vision, and workers’ compensation.

This 44-page Impact Report contains 41 figures and one table. Clients of Aite Group’s Health Insurance or Property & Casualty Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions American Express, Athenahealth, Change Healthcare, Comdata, Discover, ECHO Health, Elavon, Fiserv, InstaMed, JPMorgan, MagnaCare, Mastercard, Nacha, Optum Bank, Payspan, Prepaid Card Services, QuickRemit, Square, Tremendous, Visa, VPay, and Zelis.