Payment Processing for Medical Practices

Posted by Beth Duff on May 18, 2016 05:00:00 AM

Topic: ALL

Stethoscope end on top of credit card pile

The focus of medical professionals is first and foremost on the well-being of their patients. In today’s rapidly changing healthcare environment, however, it’s more important than ever that they also keep their finger on the pulse of their practice. After all, just as patients rely on their healthcare provider for their personal well-being, healthcare providers rely on their patients for financial well-being.

A 2013 survey by Aite Group to identify the priorities for healthcare providers and hospitals over the next two years ranked them as follows:

  • Increasing patient collections at the point of service (90%)

  • Increasing patients collections outside the point of service (80%)

  • Increasing ERA and EFT (74%)

  • Increasing electronic patient bill presentment (58%)

  • Increasing patient self service (48%)

These findings underscore the important role integrated payment processing for credit and debit cards can play in the financial soundness of a practice. Integrated processing can be an effective way to improve three critical needs for all healthcare providers — practice efficiency, payment assurance and patient satisfaction.

A fully-integrated processing solution from TransFirst® can optimize the collection of patient payments and help you improve the financial health of your practice. Here’s how:

  • Practice efficiency results from being able to check patients in and out faster with one system. Additionally, your staff saves time by no longer needing to manually enter data into dual systems, reducing hard-copy patient records. You can also reduce expenses by eliminating a dedicated phone line.

  • Payment assurance is realized with an increase in cash flow that comes from managing payments and getting paid faster. You are also able to maximize revenue by collecting payment at multiple points of service and post-service, improving collections and reducing bad debt.

  • Patient satisfaction is maintained because you are providing payment convenience by accepting their credit, debit and HSA cards. Patients also receive emailed statements and reminders, and they’re able to set up recurring and scheduled payments that simplify their finances.

The optimum payment processing for any practice is the one that can be customized to its unique requirements and budget. TransFirst offers multiple payment options, including all major credit cards, ACH and manual recurring payments; 24/7, U.S.-based customer support; automatic payment posting to patient ledgers and daily account reports; and increased efficiency and faster checkout time through single-system use.

TransFirst works with dozens of professional healthcare associations and tens of thousands of practices, providing the experience and expertise to know the best processing options for your practice.

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