Setting up a new practice is a time filled with decisions in everything from the floor plan of the clinic or office to choosing the best equipment and patient treatment options. Along with all of these decisions on the patient side of the practice, it will also be critical to think about the business aspect of a medical office.
Choosing your practice management software is going to be an essential task. Considering issues such as the options you want to offer patients to pay for your services will be another, and these healthcare payment solutions should be fully compatible with your practice management software.
Traditionally, a lot of medical practices, and to some extent dental practices, offered their patients the option of payment using cash or check only. In the last two decades, the more effective practices have also added credit and debit card payment options to their payment possibilities, and this is certainly something that should be a consideration for a new office or clinic.
Why Accept Cards?
It does cost a small transaction fee to be able to offer credit and debit cards as part of your healthcare payment solutions. However, this small fee is offset by the benefits of being able to obtain immediate payment for medical services without all the additional mailing out of bills and dealing with delinquent accounts common with only accepting cash or checks.
There is also the risk associated with accepting checks. NSF check issues are on the rise, and many businesses have actually moved away from this traditional payment option.
According to a 2013 Federal Reserve Payments Study, it was found the number of debit card payments in the USA in 2000 was about 8.3 billion dollars. By the year 2012, that number had increased to 47 billion dollars, with approximately 165 million new debit cards issued each year.
Approximately 71.2% of adults report having one credit card, with the average number of credit cards per person at 2.6. Baby boomers tend to have the highest number of cards and millennials have the lowest.
Offering patients this option at the time of care is highly beneficial and being able to accept all major credit cards is a key factor. This is not only a convenience for your patients, but it will save you valuable time and money in printing and mailing bills, following up with phone calls and possibly even having to deal with debt collectors to attempt to get some patients to pay.
It is also important to keep in mind that dealing with credit and debit cards means that the payment system and the billing and record system can be integrated. This will lead to fewer errors and omissions and greater ease for staff addressing any patient billing and payment questions.
