Are you creating more work and added risk for your staff and the practices you serve?
I’ve worked with billing and RCM companies who were unaware they could save many man-hours by streamlining the payments they accept from patients. I’ve also had many discussions over the years to find that both billing/RCM companies and practices engage in some very risky behavior when it comes to patient payments.
Check out the workflows below and see if they sound familiar. These are all processes that use valuable time and create risks that could be very costly. In each case, there’s a simple fix that drastically cuts the time involved and eliminates the risk of cardholder data being compromised.
Your billing/RCM company serves many practices, probably all having merchant accounts with different banks or payment processors. In order for the billing/RCM company to process a patient payment they have to do one of the following:
- Login to the practices’ online payment portal to post the payment. This means the billing/RCM company must sign in to as many different portals as their practices have different banks/processors. For some, this could be dozens of portals to keep straight. Not to mention the passwords, permissions, login processes, etc. All time consuming and wide open to human error.
- Call the practice with the payment data and have them process the payment on their machine or portal. This means the billing/RCM company has written the payment information down in one form or another. Involved at least two people in transferring the info, one at the billing/RCM company, one at the practice. And risked having credit card information exposed to theft both at the billing/RCM company and the practice.
- Process the payment on the billing/RCM company’s merchant account and then transfer the payments (money) in bulk or one by one at some point to the practice. This is not only against MasterCard/VISA rules, but it’s an accounting nightmare.
How can a billing/RCM company avoid all these time wasting and risk taking activities while processing patient payments for practices efficiently and safely? The following suggestions will help:
Require all your practices to set up merchant accounts with one bank or processing vendor that has an online portal. The benefits are many:
- You save time by having only one portal to access.
- You save the time and the hassle of keeping several sets of credentials on hand.
- You eliminate writing down payment information since the portal can be accessed at any time.
- You eliminate the risk of compromising cardholder data.
- You save time by having one person process the transaction instead of two.
- In some cases, You save time by having the person who processes the payment also post it into the PM system.
- You eliminate paying the practice for transactions you’ve processed on your merchant account.
Easy Pay has simplified this process for billing/RCM companies by creating a secure online payment portal and reporting system that allows both billing/RCM companies and practices to have real-time 24/7/365 access. Our system allows you to access all your practices in one place via a simple drop-down menu, process payments to each practices’ unique merchant account so it deposits to their bank account, have separate secure login credentials (unique to the individual), pull reports for transactions that take place at your office and theirs, and many other benefits.
You never touch the practices’ money or the patient’s credit card data. You never transfer sensitive cardholder data. And you add a powerful, time-saving convenience for your practices and your staff.
There’s one last very compelling reason to consider Easy Pay for your billing/RCM company but you’ll have to get in touch with us to learn what it is. Email us at firstname.lastname@example.org or call us, 866-927-9344. Let us know you are a billing/RCM company and we will show you why you won’t want to look anywhere else for your payment processing solution.