Who is HealthEquity?
HealthEquity is an administrator of Health Savings Accounts (HSAs) and other consumer directed benefits, including (Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and COBRA. We help millions of members work towards long-term health and financial wellbeing.
What is VPay?
VPay is the vendor that HealthEquity uses to send payments to Health Care Providers.
What is this patient payment document that I just received?
The document is a one-time use credit card that is also known as a Virtual Card. In the top right corner of the document, you’ll find the Master Card information and in the body of the document you’ll find payment details that provides information to help you match the payment with a patient account.
How do I collect payment using a Virtual Card?
Collecting a Virtual Card payment is like taking a credit card payment over the phone. First, type the 10-digit card number into your credit card merchant terminal. Next, l type in the amount of the payment. Finally, enter the CVC code (this is the code that is usually on the back of a physical credit card). If requested, enter this address : 111 W. Spring Valley Rd. Richardson, TX 75081. These directions are found on the left side of the Virtual Card document.
What are the benefits of accepting Virtual Cards?
Payments are typically received 10 days sooner than check payments. The majority, 90%, of virtual cards are sent via fax (if we have the fax number on file). The fax will arrive the same day as a check could have been placed in an envelope. The average check takes 8 to 10 days to arrive by mail. This can help Healthcare providers improve their revenue flow.
Patient information is included with a Virtual Card. This allows you to know which patient account the funds will apply towards. This reduces the cost and time spent resolving errors and reconciling check or Automated Clearing House (ACH) payments with Explanation Of Benefit records.
Security. Virtual Cards can be tracked, unlike a lost or stolen check. Sensitive deposit account data is not shared with others. Our members preferer Virtual Card payments because they can only be used once, and they cannot be overcharged.
What if I don’t have the ability to run credit cards?
Please call the VPay Support Center at 866.919.0537. When you call, please have the Group Number and VP Transaction ID Number ready. The Group Number and VP Transaction ID Number is found at the bottom of the payment details table in the body of the document. When you contact VPay you can request to update your payment preferences to Check or ACH.
What do I do if the patient information does not match with a patient account?
Please call HealthEquity Member Services at 877.713.7710. When you call, please have the Alternate Claim Number (Alt Claim Number) ready, which can be found in the patient payment table located in the payment document. Our Member Services team is available 24/7 including holidays.