The fact that you’re already using Credit Card-On-File payment shows that you’re keen on reducing collection related costs. As a medical practice manager, CCOF enables you to automatically deduct payments from a patient’s credit card for services such as unsettled balances, co-pays, deductibles, and self-pay portions of insured health services. Card-On-File payment reduces the risk of not getting paid: you're guaranteed payment for services offered.
With everything going as planned, here are four additional Card-On-File tips to help you secure your patient payment and by an extension boost patient retention.
Review security and financial policies
Now that you’ll be holding the patients’ credit card information, you should consider using certified patient payment technology. Audits reviewing Payment Card Industry (PCI) and Protected Health Information (PHI) breaches rarely probe actual events leading to a breach; instead, they concentrate on the policies, culture and the environment of the breach with an aim of uncovering how these factors contributed to the breach. If you were to suffer a breach tomorrow, you’ll need to convince these auditors that you have always been compliant.
OSHA, annual HIPAA along with billing compliance trainings, physical and administrative safeguards, data security, and trainings on how best to store and retain information are all ways of proving your compliance efforts.
Foster a culture of compliance
If you already comply with HIPAA, you shouldn’t have a problem with making compliance a culture – something you do not because someone says you should but because it’s part of your practice. You need to accumulate norms, relationships, and practices that define how things are done at your offices. But most of all, you MUST ensure that these regulations are followed.
Discuss it with your vendors
The credit card industry is booming and businesses are making a fortune from sales. This gives you enough room to bargain for the best services at a fair rate. Evaluate offers from a few providers before paying up; see which vendors provide tools to help you keep financial data safe and if they provide after-sale trainings and related services.
Discuss Card-On-File with patients
The public is increasingly becoming wary of giving out their credit card information. Many also think HIPAA documents are unnecessary paperwork and may quickly form an opinion about your services. Fortunately, most of them also know about data breaches and the potential damage so they’ll wholeheartedly welcome a discussion on that topic.