RenewCardTM – Card-Based Workers Compensation Payments

Reloadable Debit Card for Workers Compensation

 

Indemnity payments account for approximately 40 percent of claims costs. Payers need to ensure that injured workers get their funds in a timely manner while keeping their costs under control. RenewCard is a reloadable, bank-neutral debit card that ensures workers’ comp recipients can receive and access their funds anywhere, anytime. Injured workers don’t have to worry about cashing a check or waiting for payment delivery – it’s all on RenewCard.

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How RenewCard Will Save You Time and Money

Today’s workers’ compensation environment is complex and ever-changing due to an increasingly mobile workforce and a rise in injury severity and recovery duration. For over a decade, DataPath has been making leaps and bounds in the benefits administration industry with our card-based payment solutions and market-leading customer support.

We’re an end-to-end card and payments processor that takes care of everything in-house, including bank drafts, card issuance, and funding (including replenishments). With no “middle men” to work through, we deliver greater flexibility and affordability for you, and quicker, more reliable payments for claimants. As a single-source vendor, we also increase security for all parties involved.


Benefits of RenewCard

  • Market-leading customer support
  • Electronic Data Interface (EDI) connects directly with claims system
  • Card issues are handled by DataPath
  • Zero liability policy
  • Customizable card and materials
  • DataPath’s partnership with MasterCard® enables greater access to funds

RenewCard solves many of the problems experienced by payers and injured workers such as:

RenewCard is bank-neutral, helping drastically decrease the chance for fraud, payment error, and escheatment – all of which slow down the payment process. Once an injured worker receives the card and registers through the web portal, the funds are accessible. Additionally, payers set up a payment schedule that reloads the card on time and the funds are immediately available. This means that injured workers don’t have to worry if they live in a different city than their bank since they can use their funds anywhere, anytime.

Of course, if the injured worker chooses not to use RenewCard, DataPath is flexible and can issue payment through traditional methods.

DataPath’s partnership with MasterCard® ensures that RenewCard holders can use their card everywhere MasterCard is accepted. Plus, the injured worker can use RenewCard at an ATM for cash withdrawals. Once the card is funded, the money is immediately available. No waiting on the mail or using expensive check cashing services.

RenewCard is mailed directly to the injured worker, who has to register the card through a secure online portal. The worker is the only person who can log into the portal, minimizing the chance for fraud and escheatment. Once the card is registered, the injured worker can start using the funds immediately.


Read our White Papers on Reloadable Debit Cards for Workers Compensation Payments

White Paper: Assessing the Hidden Risks of Payment Processing - The complications that stem from multiple parties being involved in insurance payment processing call for a solution that is flexible, efficient, and secure. Introduction The process of issuing payment from an insurer to a provider is fraught with complications and delays. Insurers commonly enlist the services of a third-party administrator (TPA) to manage the ... Read more

White Paper: The Hidden Costs of Indemnity Payments - Traditional indemnity payment costs may result in higher workers’ compensation claim costs Introduction Indemnity payments represent a significant portion of workers’ compensation spend – anywhere from 40 to 60 percent of claim costs. While they don’t receive a lot of attention, increasing administrative burdens and processing fees associated with indemnity expenses are ... Read more


More Information about Reloadable Debit Cards for Workers Compensation Payments

3 Key Indemnity Payment Issues for Payment Administrators - In a recent poll of C-level executives conducted by DataPath, payment administrators answered a range of questions regarding indemnity payment processing. The inquiries sought to better understand the challenges and industry trends that payers experience. ... Read more

How Workers’ Comp Payment Administrators Can Stay Relevant in the 21st Century - For any business or industry, the ability to stay relevant is key to success. Staying with the old ‘tried-and-true’ ways, without the capacity, willingness, or foresight to adapt to technological advances, can be a company’s ... Read more

The Benefits of End-to-End Payment Processing - Single-source, end-to-end payment processing can result in stronger client relationships, increased accountability, and decreased fraud. For payment administrators, partnering with a payment processing company that handles the entire payment chain can pay numerous dividends. More and ... Read more

Getting Workers’ Comp Payments? Here are 6 Reasons Why Claimants Should Use a Reloadable Debit Card - When it comes to workers’ comp payments, injured workers can face a slew of challenges. Unbanked and underbanked workers encounter serious hurdles, especially if they’re working in a location far from home. If they don’t have ... Read more

What is RenewCard™ and Why Do You Need One for Your Indemnity Payments? - 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 ... Read more

RenewCard Simplifies and Secures Workers’ Comp Payments - It’s no secret: American workers are becoming more mobile. Between 2005 and 2012, there was a 79% increase in the number of employees who worked remotely1. With more and more people working away from home, ... Read more

DataPath Payment Solutions: Quick, Modern, Secure - Finding the right payment solution can be tough. Making payment by check is costly (up to $8 per transaction1) and time-consuming. Furthermore, paper checks are vulnerable to fraud, and if a payment is late or ... Read more

The Hidden Risks of Workers’ Compensation Payment Processing - Controlling workers’ compensation costs by automating processes, while maintaining the privacy and security of injured workers, is crucial. As payers look to automate payment processes, they could be creating greater risks, complications and inefficiencies. On the ... Read more

Three Reasons to Consider a Bank-Neutral Card Solution for Workers’ Compensation Payments - Indemnity payments to injured workers are met with many challenges. Today’s increasingly mobile workforce, a need for greater security, and the desire to lower overall costs may have you considering a modern and flexible payment ... Read more


How does RenewCard work?

RenewCard simplifies the indemnity payment process. Once a payer submits a payment request, DataPath creates an ACH transaction, issues a pre-loaded RenewCard to the injured employee, and reloads the card with workers compensation payments automatically.

workers compensation paymentsOther Features:

  • Market-leading customer support
  • Electronic Data Interface (EDI) connects directly with claims system
  • Card issues are handled by DataPath
  • Zero liability policy
  • Customizable card and materials
  • DataPath’s partnership with MasterCard® enables greater access to funds

Take the pain out of workers compensation payments with RenewCard.

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Payment Solutions White Papers November 30, 2017

Payment Solutions White Papers

Using Technology to Enhance the Delivery of Medicare Set-Aside (MSA) Benefits [web|pdf]

Payment Solutions White Papers Assessing the Hidden Risks of Payment Processing [web|pdf]
Payment Solutions White Papers The Benefits of End-to-End Card Processing: Effective, Efficient & Secure [pdf]
Payment Solutions White Papers The Missing Link in Provider Payments [web|pdf]
Payment Solutions White Papers The Hidden Costs of Indemnity Payments [web|pdf]


Payment Solutions Videos August 31, 2017

 

 

 

Manage virtual payments for Providers and Workers Comp

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