When a covered medical service or supply is received
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1. |
The insured presents the MasterCard® sleeve to the provider’s office. This “ClaimPay” sleeve contains information similar to a medical identification card. The provider accesses a website listed on the sleeve to submit the claim online. |
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2. |
The website determines, based on the type of services received, the benefit amount payable. |
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3. |
Similar to a pre-paid gift card, in less than 30 seconds the online system automatically loads the benefit amount onto the insured’s plan MasterCard®. |
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4. |
The provider’s office can then swipe the card to receive payment for services, up to the benefit amount stored on the card. |
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5. |
If additional payment is due, the provider can communicate the outstanding balance to the insured. |
Editor’s Note: This is part of an email we received today from an insurance company announcing that they can pay claims in 30 seconds. PBM’s have been doing that for years. Medical providers, we feel sure, would treat this as a CASH TRANSACTION with significant discounts, maybe even better than traditional PPO discounts?
