06 Jan Simplifying Patient Due Balance Collection
It’s 2017 and our continued battle to obtain timely payments on patient due balances continues. The good news is there are increasingly better tools and technology available to assist us in this endeavor. Do you have a credit card on file program in your office?
Think about yourself for a moment as a consumer. Your credit card is probably on file with a few retailers, you sometimes must use your credit card to hold service appointments, and always must provide when reserving a hotel. This is very commonplace with merchants in general, but the medical industry is lagging behind. We don’t often think of ourselves as merchants, but we are providing a service and must be paid for that service in order to survive as a business.
Consider implementing cc on file in your practice to simplify patient due balance collection. Please know that all merchant services providers are not created equal. We have had both negative and very positive experiences with different companies. Some provide basic payment processing functionality, while others provide more robust services, including automation that could save staff some time. Some may even integrate directly with your EHR.
If you are considering implementing credit card on file, you may want to consider some of the following:
- You should have patients sign their approval for their credit card to be kept on file
- Ensure that the way you are maintaining cards on file is secure and compliant with merchant processing standards
- Consider your messaging to patients about this program. This is a benefit and convenience to them, but some may not see it this way.
Keeping patient credit cards on file is very worth considering, but do your due diligence first to ensure that you are taking advantage of all the benefits that can be achieved through this program.