MedRisk, Inc., a claims services and medical management company, has introduced its MPower Card, a new service for issuing workers' compensation indemnity payments. It can be used as a stand-alone product or as part of MedRisk's CLAIMExpert suite of services.
In association with a leading bank provider of stored-value services, MedRisk offers the Visa-branded debit cards and supporting processes to workers' compensation payers. Claims payers electronically send payment files to MedRisk, which then coordinates with the bank to issue a card to each new claimant and deposit funds onto it. Subsequent claims payments are made by electronically transferring funds to existing cards.
MedRisk's MPower Card offers benefits to insurance companies, third-party administrators, self-insured employers, and state funds. The card reduces the costs associated with paying by check, eliminates check fraud, improves cash control, and enhances customer service and claimant satisfaction. Services include client-branded cards, a customer support call center, and Web site.
Injured employees can use the card at ATMs, banks, and wherever Visa is accepted. Claimants do not need to have a bank account, nor do they incur check-cashing fees when using the MPower Card. Claimants' funds also are protected against stolen or lost cards.
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