Settlements managed by Tyro Health Online
Tyro Health Online manages the settlement of funds into your bank account for the following transaction options only:
Tyro Health Online Payments
nib (direct)
Comcare
icare
QBE
WorkSafe Victoria
Tyro Health Online doesn't manage settlement for any other insurers, including Medicare, DVA, ECLIPSE, WorkCover QLD, or HealthPoint. To change settlement details for other insurers, please contact them directly (Medicare claims are settled at the provider-level). Tyro terminal or eCommerce settlements are also managed separately (by Tyro) and not by Tyro Health Online.
Where Tyro Health Online manages the settlement of funds into your bank account on behalf of other insurers, Tyro Health will share these bank details with those organisations for auditing purposes.
Timing of Tyro Health Online settlements
Settlements are processed every business day for transactions approved the day prior - no payment occurs on national public holidays. Settlements are paid the business day following a successful transaction.
All approved transactions for a day are paid as a single settlement amount into the nominated bank details provided to Tyro Health Online. Detailed remittance advice for all transactions included in a settlement can be found on the 'REMITTANCE' page in Tyro Health Online, including the bank lodgement reference.
Cut-off times for approved transactions to be included in daily settlement
Funding source | Settlement cut-off time* |
Online payments (credit and debit cards) | 8pm AET** |
All other insurers managed by Tyro Health Online | 5pm AET** |
* Transactions may be submitted prior to the cut-off but if approved thereafter, those will be included in the next processing period.
** AET = Australian Eastern Standard Time (AEST) and will adjust to Australian Eastern Daylight Savings Time during those periods defined for Melbourne, Victoria
Timing of other settlements
Settlement cut-off times for other insurers, not managed by Tyro Health Online, who pay direct to providers is generally as follows:
Funding source | Settlement cut-off time* |
Medicare Online, DVA, and ECLIPSE | 9pm AET*** |
HealthPoint (Private Health Insurance) | 12am (midnight) AET** |
Workcover QLD | 5pm Queensland time |
*** AET = Australian Eastern Standard Time (AEST) and will adjust to Australian Eastern Daylight Savings Time during those periods defined for Canberra, ACT.
NOTE: Settlement into external accounts are processed using BECS (Bulk Electronic Clearing System) files. This is how financial institutes send data to each other to be processed. BECS-based settlement can have either a one business day or two business delay when being processed.
The type of bank can also affect how long settlement takes to be processed. Large banks, (e.g. CBA, NAB) normally process the settlement on the same day the BECS file is sent; depending on your banking provider it may take up to 3 business days to receive funds. Tyro has no control over how long it takes for the external bank to process the BECS file.
If you have any questions, click on the pink chat bubble on our website or email our Customer Support team.