While many people benefit from some form of health insurance coverage, the majority of patients at any medical practice will have to pay for at least part of their treatment out of their own pockets. The proportion of payments that must be met by patients is rising all the time. Whether they are co-payers or are paying for the entire cost of their visit, patients report that they find it easier to make the necessary payments when their provider offers healthcare credit card processing facilities. In addition, healthcare organizations find that accepting credit cards at their practices have considerable benefits, thus reducing the chances of bad debt and overdue bills. Medical practices that are keen to know more about the benefits of accepting credit cards can find more information about the advantages of selecting a HIPAA-compliant card-processing service for their clinics.
Should Your Practice Accept Post-Care Credit Card Payments?
Many practices are still hesitant to accept post-care credit card payments because they are concerned about the costs involved, or are worried over whether it would comply with the HIPAA requirements. In the end, however, it is down to the individual practice to determine what the right solution is for them. One thing to bear in mind: Having a convenient system available for patients to make their payment using their favorite mode of payment post-care, rather than them sending you a check in the mail is a much better way to establish an efficient, real-time revenue cycle. Every practice will be familiar with the frustration and delays as staff members struggle to elicit payment from those patients who have overdue accounts or who have failed to pay for their share of their treatment costs despite reminders being issued via mail. Overdue bills lead to cash-flow problems, as well as wasted time, and then, eventually, the hassle and expense of referring them to collections agencies. Healthcare organizations can avoid all of these problems through incorporation of healthcare credit card processing for post-care patient payments.
How Does HealthCare Credit Card Processing Work?
Healthcare providers can work in conjunction with a payment processing company, such as BillingTree, that can handle the card-not-present transactions on your behalf. Acting as a payment processing service, the company will facilitate transfers of money from the patient to the practice, as well as add the ability to accept HSA & FSA, thus simplifying the process of receiving payment for the organization from a variety of payment channels. It will also keep the costs of processing cards as low as possible, which will help the organization save money.
Accepting HSA Payments
Payment processing companies, such as BillingTree, can also accept HSA payments or FSA payments, facilitating payments even further for patients who require a more convenient way of paying their bills. This is yet another way to make sure the problem of bad debt and overdue payments can be best avoided. BillingTree is also HIPAA-compliant, as well as SSAE-16- and PCI-certified, so healthcare practices and their patients can have complete peace of mind that their finances will be handled securely. When switching from a mailed billing system to in-office healthcare credit card processing, medical organizations will see a great improvement in their revenue cycles and will eliminate the hassle and stress of trying to elicit payment from nonpaying patients.