Many medical and dental practices require extra time to receive and process their patients’ appointment fees. Using traditional billing methods require extra postage and processing fees to deliver. When this process must be done three times to receive payment, it decreases the practice’s total revenue. A new credit card processing solution must be implemented to ensure each practice is paid fairly and on time with minimal fees.
In-Practice Payment
By accepting cash and credit cards in practice, doctors and their staff are guaranteed a better chance of receiving payment at the time of the appointment. Patients will avoid receiving billing statements, and, having received prompt, polite service, will be more likely to recommend the practice to others. The practice will save money on fees, receive immediate payment, and potentially gain new patients from one satisfied customer.
Receiving and Processing Payments
The biggest problem with payment collection is the lack of a reputable credit card processing solution. Most credit card processing systems are based in a retail system and charge fees to process individual payments. If a practice wishes to change companies, the company will charge fees for cancellation and account termination. In addition, these companies carry a high risk of fraud with little protection from fishing and hacking. They have little to no experience with medical billing and processing systems, and will not treat each practice as an individual case.
Specified Processing Systems
A guaranteed credit card processing solution for the medical field is a specific company dedicated to handling medical billing in real time. Privately owned practices operate differently depending on their field and clientele, so their payment and collection systems must be tailored to fit their needs. Accounts should be monitored and protected against fraud when payments are added. When a payment is made directly to the practice, it should be added directly to the account after it is received.
Payment methods have changed drastically as new technology is introduced to the medical and dental fields. Systems and software used by major healthcare networks won’t work for small, independently-owned practices. A personalized approach based on each individual group’s needs ensures that they receive payment on time with no hassle and minimal fees.