Your Guide to Medical Office Credit Card Processing
Many patients today have some form of medical insurance. However, most have to pay out of pocket for some of their costs. These days, those out-of-pocket costs are increasing year on year. Whether patients are paying for a portion of their treatment or their entire visit, finding ways to pay is key. Medical office credit card processing is often the answer. It has become a popular option for all practices that want to reduce the chance of overdue invoices. The likelihood of bills going overdue is even lower when practices operate a card on file policy. If your practice is eager to start taking credit cards, this guide will tell you what you need to know.
Firstly, Should My Practice Accept Credit Cards?
The first question is whether it’s worth accepting credit cards at your practice. This is especially the case for smaller practices. They often think it’s too costly to accept cards, or they may be worried about HIPAA compliance. There is no single answer to whether any practice should accept credit cards. However, it’s worth noting that, in many cases, keeping card information on file can improve payment outcomes exponentially. If your practice is struggling to recoup patient payments, a card on file policy might be the solution you’ve been looking for.
Practices today often experience frustration and delays with staff members expending time and effort chasing after payments. Overdue invoices lead to wasted employee time and lost revenue. Avoiding this eventuality is possible by keeping credit card information on file. In most cases, this makes the extra cost worth it.
How Does Card Processing Work?
Medical office credit card processing requires a payment processing company to facilitate the transactions. A reliable processor will supply the necessary systems through which a practice can make payments. BillingTree is leading the way in credit card processing for healthcare organizations. By offering a range of card processing options, BillingTree streamlines processes for practices. Some practices rely on point-of-sale card processing. However, these days, virtual terminals are frequently a more convenient alternative. Web portals and IVR systems are other flexible solutions for card processing tailored to the needs of healthcare providers.
What Are the Costs and Fees?
Payment processing companies charge fees. Therefore, it is important to find one that offers the most affordable pricing. However, you also need to find a company that offers outstanding customer service and impressive functionality. A combination of these three things is key to ensure maximum value for money. BillingTree is a cost-effective solution thanks to our strong network of banking partners. We also offer solutions that are leading the way in the industry. Your practice can depend on our solutions for a more streamlined and efficient way of processing card payments.
How To Store Card Details on File
When processing cards within the healthcare sector, it is important to ensure there is a wide range of cards accepted. Some patients will be happy to use their Amex, Visa or MasterCard to make payments. Others will need to use their health financing card. Your practice will, therefore, need to make sure your chosen solution can accept such forms of payment.
Storing card information for patients on file is the best way to guarantee timely payment of invoices. If your practice decides to take this approach, you must put in place a clearly outlined policy. You must make this policy visible to patients via all possible methods. When a patient arrives for his or her appointment, the front desk staff will ask for his or her card. The information will then be securely stored. This way, it will be ready for the practice to access once it has drawn up the invoice. Then, the practice can take an automatic payment. A system that allows for the secure storage of this kind of credit card data is essential. BillingTree’s solutions are HIPAA compliant, so patients can have peace of mind. They will know that their details will be in safe hands until their healthcare provider needs them.
Some patients prefer to use their HRAs, FSAs or HSAs to make payments. The system chosen by your practice needs to accommodate this. BillingTree has designed its solutions with the specific needs of healthcare providers in mind. For this reason, they allow providers to make payments using HRA, FSA, and HSA accounts with ease. It is just as simple to process payments via these options as with any other type of credit card. This makes life easier for both patients and practices.
BillingTree’s Medical Office Credit Card Processing Solutions
BillingTree is leading the way in offering cutting-edge credit card processing options for medical offices. Even small practices can often benefit from adopting these solutions to streamline their payment systems. Making it easier to receive payments on time, BillingTree is an excellent choice for practices of all types and sizes.