The right partner matters: 3 Things to consider when choosing a claim payment partner
With the constant threat of cyber attacks and other security breaches, businesses must continually keep their guard up to reduce the likelihood of such events happening. This is especially true when it comes to processing claim payments.
With the constant threat of cyber attacks and other security breaches, businesses must continually keep their guard up to reduce the likelihood of such events happening. This is especially true when it comes to processing claim payments for insurance companies and policyholders. Such payments present a highly tempting target for a potential hacker; sensitive payment and private healthcare information without the proper controls in place, the opportunity for risk is great.
The key to reducing risk is to have strong security measures in place beforehand to minimize your organization’s exposure to possible cyber attacks and fraud. That’s why it’s important to consider a company’s ability to deliver and manage such measures when choosing the right claim payment processor.
Here are a few things to look for in making your selection:
1. Does your potential claim payment partner comply with federal laws that govern security and do they have the proper certifications? Over the past few years, the U.S. federal government and multiple industry groups have introduced a number of regulations and certifications designed to protect and secure payment information and transactions.
Security credentials and other IT certifications show that the provider has met certain security standards required to safely process electronic payments. That means you can rest assured they’ll deliver a strong measure of protection during processing.
The most important credentials for your potential partner to have are:
• Payment Card Industry (PCI) Security Standards certification, which helps protect users’ payment card information
• Service Organization Control (SOC) 1 and 2 compliance, dealing with financial audit controls and operations and compliance controls, respectively
• NACHA Certified, voluntary certification for organizations who send Automated Clearing House (ACH) payments
2. What controls does the potential claim payment partner have in place to protect data from a possible breach? A solid protection strategy should begin with a comprehensive plan to first, determine what types of data should be protected, then conduct a thorough evaluation of potential vulnerabilities. Ask your potential partner if they’ve done so before making a decision. You’ll also want to ensure that your partner’s data encryption protocols and firewall technology are up to date before proceeding.
3. What is the potential claim payment partner’s approach to managing risks? An effective security plan doesn’t rely on just one method to combat risks and cyber attacks; it uses many to reduce possible avenues where a breach can take place. For example, a good partner will keep tabs on what’s happening in the industry, be aware of risk and attack trends and take steps beforehand to secure data. It will also take a proactive approach to risk by updating systems and technologies to stay ahead of would-be attackers.
VPay takes HIPAA, HITECH, PCI Security Standards, SOC 1 and 2, NACHA, and all other relevant state and federal laws regarding member PHI and financial records very seriously. Technical, administrative and physical security are fundamental in delivering each of our solutions.
We recognize the trust institutions place in us when member data is sent, and consider the responsible stewardship over that data to be our single most important function, which is why we maintain a high level of industry certification.
Get Started with VPay Today
Learn more about how VPay can offer you a Total Payment Solution that is greater than traditional claim payment offerings.
Visit www.vpayusa.com or call 855-VPAY-USA to get started.