Relates to the use of virtual credit cards by insurers and certain health care plans and the effectiveness of provisions of law relating thereto.
Impact
The passage of S08817 would amend statutory provisions related to payment processing methods available to insurers and health care plans. By mandating notification and options for alternative payment methods, the bill is designed to foster transparency and protect providers from unexpected fees when they opt to receive payments via credit or virtual credit cards. This is particularly significant for smaller health care providers who might struggle with the financial implications of processing fees that could reduce their reimbursements.
Summary
Bill S08817 relates to the usage of virtual credit cards by insurers and certain health care plans. It aims to amend existing insurance law and public health law by stipulating specific requirements for insurers when processing payments to healthcare providers. The bill ensures that providers are adequately informed about any fees or charges associated with the use of virtual credit cards or electronic funds transfer payment methods prior to their use. Insurers must also offer alternative fee-free payment options to providers.
Contention
One of the notable points of contention surrounding S08817 involves the balance of power between insurers and healthcare providers. Some advocates argue that the bill enhances financial fairness for providers by ensuring they are not burdened with unexpected costs during the reimbursement process. However, critics worry that the requirements imposed on insurers could lead to operational challenges and delays in the claims payment process, potentially affecting the availability of services for patients as insurers adapt to comply with these regulations.
Same As
Relates to the use of virtual credit cards by insurers and certain health care plans and the effectiveness of provisions of law relating thereto.
Authorizes an insurer to pay a claim for reimbursement made by a provider using a credit card, virtual credit card or electronic funds transfer payment method that imposes on the provider a free or similar charge to process the payment; defines "virtual credit card" as a single-use series of numbers linked to a fixed dollar amount and provided by an insurer to a provider for the purpose of paying a claim for health care services performed by the provider; makes related provisions.
Authorizes an insurer to pay a claim for reimbursement made by a provider using a credit card, virtual credit card or electronic funds transfer payment method that imposes on the provider a free or similar charge to process the payment; defines "virtual credit card" as a single-use series of numbers linked to a fixed dollar amount and provided by an insurer to a provider for the purpose of paying a claim for health care services performed by the provider; makes related provisions.
Relates to requirements for medical professionals and health care facilities that provide medication to patients for medical aid in dying; extends the initial effectiveness of certain provisions relating thereto.
Relates to requirements for medical professionals and health care facilities that provide medication to patients for medical aid in dying; extends the initial effectiveness of certain provisions relating thereto.
Provides that no contract between a dental plan or other healthcare entity and a dentist requires the dentist to accept exclusively by virtual credit cards.
Provides that no contract between a dental plan or other healthcare entity and a dentist requires the dentist to accept exclusively by virtual credit cards.