IAIABC: Please provide a description of your organization.
Elisa Logan, VPay: Founded in 2002, VPay is headquartered in Plano, Texas, and currently has 190 employees. VPay delivers better claim payment experiences and offers the insurance industry’s only total payment solution. The company replaces checks with fast and secure electronic payments and remittance advice to simplify the reconciliation process and eliminate processing and management costs.
IAIABC: How does your organization serve the workers' compensation industry or what do you see as the most important role you play in the workers' compensation industry?
EL: With VPay’s help, workers’ compensation administrators and payers can eliminate paper checks for service providers and claimants and instead use faster, more efficient e-payment options. These safe, convenient and low-cost e-payment options increase the satisfaction of service providers, vendors and claimants that workers’ compensation administrators and payers work with and maximize ROI. VPay enables workers’ compensation administrators and payers to give their service providers, vendors and claimants payment options that work best for them. Depending upon the situation, that could include ACH, push-to-debit, virtual card, or check.
IAIABC: What do you see as some of the major challenges the industry is facing and how can we as a community address them?
EL: With the COVID-19 pandemic in full swing, there are so many uncertainties and plenty of uncharted territory. For example, with many employees working from home, third-party administrators and payers are struggling to print paper checks to pay workers’ compensation claimants. They are also hesitant to hire during this time, so many are looking to outsource non-strategic activities like claim payment. Workers’ compensation administrators and payers can outsource their claim payments to VPay, allowing them to focus on other essential tasks.
IAIABC: Are there any projects/programs/initiatives going on at your organization that you are particularly excited or enthusiastic about?
EL: VPay’s Mobile Expedited Payment solution makes it easy for workers’ compensation claimants to manage their own payment preferences and decide how they want to be paid – whether that is through ACH, push-to-debit or traditional paper check. This includes allowing for unbanked payments as well. Enrollment is easy, and they can automatically receive recurring epayments and payment notifications. VPay customers using this solution have realized epayment adoption rates of up to 65% in just 3 months.
IAIABC: Why is your organization a member of the IAIABC? What would you tell others about the benefits of membership?
EL: VPay joined IAIABC to learn more about the workers’ compensation industry and how it can help workers’ compensation administrators streamline their payments. IAIABC offers an opportunity to learn more about the regulatory and organizational issues that the industry faces and provides a forum for members to network and share insights with each other.