If you own or manage a healthcare office, one of the most frustrating aspects can be the collection of payments. It is time consuming, tedious, difficult, and sometimes near impossible. You want to run the best possible business and provide excellent care to your patients, yet you have to stress about collecting payments. It creates a lot of hassle and work to track down patients, come up with payment plans, determine what credit cards you accept, and other aspects involved with methods of paying.
Also, payment services create a lot of paperwork. You have to keep track of everything. You could spend an entire day just keeping track of payments made, payments collected, and balances. To not waste any more time or money, you should consider the various healthcare payment solutions that will make this practice less difficult:
Payment Plans
All patients come from different backgrounds and economic means. While an office copayment of fifty dollars might not seem like much to one patient, to another it can be an impossible expense. Now, if you go into in-depth tests or surgeries, a patient could be looking a bills in the thousands.
These overwhelming numbers can make it impossible to even collect a portion of the bill, due to the patient’s overwhelming concern about how to pay it. If your office, however, offers some type of payment or installment plan, you give the patient time to pay off their balance, while increasing your odds of collecting the total amount due.
Making repayment more feasible means your business continues to collect money while cultivating a good relationship with your patients. This does mean you will have to keep meticulous track of all of your paperwork, and this is where merchant services come into play.
Merchant Services and Healthcare Payment Solutions
Merchant services, also known as credit card processing can be part of your healthcare payment solutions. It is stressful, tedious, and easy to make mistakes when attempting to process payments. Merchant services is when you hire a third-party company to process payments for you. They handle the communications with the bank and the payer. This completely limits the tumultuous repayment process on your end. You can find a trusted company to assist you processing cards and checks and focus instead on providing excellent healthcare.
