Making workers’ compensation indemnity payments to employees who get injured on the job can be a frustrating and time-consuming process.
Managing workers’ compensation indemnity payments often requires employers to navigate a complex and confusing maze of government regulations and payment providers. Additional issues such as check fraud, late or missing payments, and the cost of tracking and administering patients, only add to the complexity of the process.
Fortunately, there’s a better way.
Designed to streamline and secure the indemnity payment process, the RenewCard™ from DataPath makes it easier for employers to make timely payments, simplify payment administration, and ensure that injured employees receive the financial support they’re entitled to.
What is the RenewCard?
RenewCard is a customizable MasterCard® debit card developed exclusively for DataPath customers. The card solves many of the common problems experienced by employers and injured workers, including late payments, fraud, and processing mistakes such as underpayment or overpayment.
For employers, RenewCard streamlines workers’ compensation processing, reduces claims costs and operational expenses, improves compliance, and minimizes the chances of fraud. Moreover, employers set up a payment schedule that automatically reloads the card on time, alleviating some of the administration workload.
For injured workers, the debit card offers peace of mind by ensuring they receive payments on time and have immediate access to their funds. This makes it easier for them to create a budget and efficiently manage their settlement money. Plus, unlike similar types of payment cards, RenewCard is bank-neutral. Once the funds are loaded onto the card, the worker can use them anytime, anywhere MasterCard is accepted. Card holders may also use their card for a cash withdrawal at most ATMs and use the card for bill payments where accepted.
How it Works
To begin, employers establish a RenewCard account with DataPath. When an employee gets injured on the job, the employer submits a payment request to DataPath, who then creates the pre-loaded debit card and sends it directly to the employee by mail.
To activate the card, the employee must register it through DataPath’s secure online portal and create a personal login ID and password. Once the card is registered, the card holder can access the funds immediately. At each payment interval (pre-determined by the employer), DataPath automatically reloads the card with the pre-set amount.
To ensure safety and security, only RenewCard recipients can access the portal to manage their account. Therefore, it’s essential for each card holder to create a secure password, store the information in a safe place, and not share it with anyone.
The Simple Way to Manage Workers’ Comp Payments
For employers, RenewCard takes the pain out of workers’ compensation claims by streamlining the entire indemnity payment process.
DataPath handles everything from A to Z, including drafting the payments from the bank, loading the cards, and issuing them in a timely manner. Unlike some payment vendors that outsource their services (requiring employers to deal with several different companies to resolve an issue), DataPath processes everything in-house. This reduces the errors that can occur when working with outside providers and keeps the employee’s personal information more secure because it isn’t changing hands multiple times.
In addition, with an automated payment schedule and the elimination of checks, RenewCard improves the safety of indemnity payments by reducing lost or stolen payments and minimizing the chances of fraud.
When it comes to problem resolution, DataPath works directly with employers and RenewCard holders to resolve all issues in a timely manner. With no intermediaries or third parties to get in the way, the resolution process goes much quicker so employees don’t lose access to their funds. Plus, DataPath’s website and portal are accessible 24 hours a day, seven days a week.
For those employers who want to step up to the latest in indemnity payment solutions in order to reduce overall costs, provide secure transactions, and speed up the payment process, the solution is RenewCard.
Visit https://dpath.com/ips-landing/ to set up a free demo today!