Patient payment collection has been and continues to be a challenge for medical practices. This is especially true since many individuals are now shouldering more of their own medical costs because of insurance changes. As frustrating as this can be for practices, there are ways that doctors can medical facilities can explore ways to integrate credit card transactions to help with collection processes.
Practices that enjoy high performance and great payment flow know that simply asking for payment is an over simplistic way of looking at payment collections from patients. Great practices make sure that their front office staff has the resources and training they need in order to make collections more than just a tug of war. One of those important tools is credit card processing technology. Integrated card on file payment systems can boost collections and even help to reduce costs for your practice.
Keep Credit Cards on File With Integrated Patient Payment Solutions
One of the best and sometimes most controversial ways to help with collection challenges, is to keep credit cards on file. When patients want the privilege of paying their medical debts over time, gathering and keeping credit information on file can help ensure that they follow through with the payment arrangements that you have graciously provided.
It is important that you contract with vendors who will allow you to store credit card information in a secure way for your patients. This system would work like this: when a patient wants to make a partial payment and then pay the rest over time they are asked to review and sign a written authorization form. This form allows you to store their credit card information and then collect the payments according to terms you both agree on.
How It Works
When the card is debited for an agreed upon payment the patient will be sent email confirmation from the vendor verifying the payment according to the agreed upon arrangement. Vendor selection is important as you will want to deal with vendors who are clear about their policies. This helps to keep stored credit information more secure. This practice also helps to cut down on the amount of statements that must be generated and increases cash flow for a particular office.
When patients are in the position to shoulder more of their medical expenses they will also begin to take more of an interest in being informed concerning their financial responsibilities and pricing of care.
To get started on patient collections right away, an integrated card on file system is your best bet. It takes little setup time and staff training to start collecting patient payments and providers a sustainable solution for future efforts.
See just how easy it is in the eBook available for download below.