A medical payment processing portal is a tool to help healthcare professionals accept various forms of payment with a user-friendly interface. Why would you need one, you might ask? Well, over the past decade, the average overhead cost of medical practices has gone up 60 to 70 percent, while payments from insurance companies have gradually decreased. This makes it harder for smaller practices to stay profitable. Now, combine that with the fact that new regulations continue to lower reimbursements and increase the amount of paperwork you need to do. The end result is that you’re working harder to make less money.
You need a new way to save money and time. As someone in the medical industry, one of the easiest ways to save is through credit card processing.
To put it simply, if you’re processing credit card payments in healthcare, you’re most likely overpaying. Some small practices spend well over a thousand dollars a month when they could be spending hundreds less. Price points are an obvious starting point, but here are a few factors you may not have considered that could save you time (something much more valuable):
Medical Payment Processing Factors to Consider (Other than Monetary)
Sometimes, it just pays to have a better payment portal interface, literally. Giving your patients more options to pay and making the process as convenient as possible can increase your profit margins by a shocking degree. It might be worth the extra cash to have a payment portal that makes daily operations more efficient.
- Implement partial, subscription, or recurring payments.
- Accept payments in-person, online, over the phone, or through manual billing.
- Secure accounts with encryptions to safeguard patient data.
- Migrate existing data easily.
This might not be on the top of your list, but it IS crucial. If something goes wrong or your patients are struggling with a feature, you need someone available 24/7 to help solve the problem. You don’t want to be caught in a situation where you can’t help a patient when they’re trying to pay you.
Having little or bad support might end up costing you future business. This is something to keep in mind when choosing your healthcare payment portal.
Not all payment processors bother to keep up with healthcare compliances. Not to brag, but BillingTree keeps up with the latest Health Insurance Portability and Accountability Act (HIPAA). Having secure software is good, but having both compliance and security is amazing!
Ready to learn more?
If you’re ready to see what a quality healthcare payment processing portal can do for you, contact BillingTree today or request a free demo. You can also learn about how BillingTree tailors payment processing to the medical industry, giving you everything you need.