If most of your insurance payments are coming in through virtual credit cards, your practice is likely losing a significant amount of money without even realizing it.

These payments may seem convenient, but they come at a cost.

Insurance companies often issue payments via virtual credit cards, which typically carry processing fees of around 4%.

You’re already adjusting your fees based on insurance contracts. On top of that, you’re losing another percentage just to access the payment. That’s money your practice has already earned.

If your practice is collecting $100,000 a month from insurance and a large portion of those payments are coming through virtual cards, you could be losing $1,000 to $4,000 every month in fees.

Over the course of a year, that adds up to $12,000 to $48,000 lost to processing fees alone.

Most dental billing companies charge around 4–5% of total insurance collections.

In many cases, the amount you’re losing to virtual credit card fees is comparable to the cost of outsourcing your entire billing operation.

Virtual cards are often set as the default payment method by insurance companies. Many offices don’t realize they can opt out, or they assume the process to switch is complicated.

So the fees continue month after month.

When we onboard a new client, one of the first steps we take is stopping virtual credit card payments and transitioning to EFTs. It’s one of the simplest ways to immediately improve cash flow.

Where to Start

If you want to begin switching away from virtual cards, here are a few platforms that offer FREE EFTs. You get paid much faster and keep all your money!