Merchant and medical payment processing options for healthcare providers make it easy for patients at clinics, hospitals, and community centers to obtain the level of care that they need. No matter how your patients choose to pay, you can ensure that they will do so in a safe manner. This article will explain how medical payment processing works at your gym, dentist’s office, or even your eye care clinic.
Select the Right Payment Processor
Medical payment processing is a thriving sector, with several well-known providers. The provider you choose should capably meet your needs. For example, if you frequently conduct pop-up clinics in your community, you may not always be at the same location. A payment processor will make it easy for you to accept payments by using your mobile device, so patients can pay for HIV testing and other diagnostic tests in a convenient and safe manner.
Your provider should allow you to tailor your payment options to what people want. If your clinic is in an area where your customers prefer to use options such as Apple Pay, but some still like to swipe their credit car,d your provider should allow you to provide both alternatives without a hitch.
How does medical payment processing work?
Medical payment processing is not as straightforward as a regular payment in a supermarket or clothing boutique. Healthcare is expensive and it is common for patients to pay for treatment via several installments. A medical payment processing system provides a connection between your bank, the card issuer, and the card network, so that any payments you collect via credit or debit cards can be authorized and sent to your account.
While some small online retailers do not need to apply for an individual merchant account, clinics and hospitals will usually need their own merchant account, in order to benefit from medical payment processing. Your merchant account platform will facilitate credit and debit card processing, software integrations, and payment security.
Merchant and medical service providers facilitate in-person payment processing for large hospitals and private doctor’s offices. You can accept contactless payments and credit or debit cards with ease. Credit card terminals and mobile card readers are included in the system and covered by your basic plan.
Whether your patients would like to swipe or insert their credit or debit card, you can get paid in a convenient manner. They can also tap to pay via Google Pay and Apple pay. You will always have the right payment option for a patient so you’ll never have to turn them away.
Countertop terminals can be customized to meet your needs and come with analytics to help you understand how your practice is doing. You can add reports, automatic batch times, and password protections that are ideal for your clinic. Each terminal can be utilized as a smart TV, providing activity charts for your online transactions.
You can easily compare the use of different diagnostic services and make strategic adjustments based on what is working for your patients and what is not being effectively used. Custom reports can help you to effortlessly meet the needs of patients by determining which treatment options they seem to utilize more often, based on payment data.
Healthcare Billing and Invoicing
You can create invoices that will be sent to patients, customizing each to meet their unique requirements. These electronic invoices can be sent via SMS or email, so your customers can access them on the go. If a patient wishes, they can pay the invoice directly from their phone and your account will be credited via the medical payment processor.
Virtual terminals can also be used to ensure that payments are made in a timely manner since you can also add automatic payment reminders. Regular patients can choose to store their payment data for their own convenience, in a system that is secure. The system can also automatically update credit cards for you when they are expired so you will not miss any payments.
You can set up recurring payments to make it easy for your patients and remove the headache of entering the same customer information each month. Flat processing fees which are charged by your medical payment processor, will provide additional savings on every transaction.
You can understand the behavior of your customers and make decisions that benefit them. The information that you obtain can allow you to gain insight into the laboratory services or methods of care you can offer to your patients, to better meet their needs. You can do this by adding line items to your invoices or generating reports which display the items that patients purchase often.
Offering Service When You Need it
Your medical payment processor should offer you service whenever you need it. Some clinics have a high influx of patients on the weekends or at certain hours of the day while others may have a steady stream of patients right throughout the week. Whether your numbers constantly fluctuate or are steady, your payment processor should allow you to adjust.
You should be able to handle a large volume of transactions without the system slowing down on you. if patients have to wait for five minutes just for a credit card transaction to be authorized, they will become agitated and may even look elsewhere in the future, if they know it’s always a problem. A reliable payment processor eliminates that kind of headache by ensuring all types of payments can be processed smoothly.
Transparent Pricing for Healthcare providers
There are different models that are used by medical payment processors for pricing. Some of these are more transparent than others, so you should always have a discussion with the company that you are considering about pricing before you sign a contract. In many cases, you will be charged a flat fee for all the services that you use. Merchant and medical have a few different pricing structures, so be sure to learn the difference.
For example, whether you collect payments online, via your mobile device, or via a countertop terminal you will be charged a flat fee. This will not change based on the number of transactions that you do online or via another method. Some companies may take volume into account and will charge a basic fee plus a small fee per transaction. That may actually work out better for companies that handle a large volume of transactions every day.
Some clinics prefer to work with a company that uses a subscription model. They pay a flat fee each month to utilize a suite of services. In addition to this, they may also pay a small fee per transaction. Read the fine print before you sign a contract and ensure that you understand all the fees in detail.
Payment Security for Medical
Security is always an important consideration, especially in a clinical environment. Patients expect all of their information to be handled carefully and a medical payment processor will take steps to block malware, phishes, and other data breaches. You should check that any processor you’re considering is PCI compliant. That is, their procedures should meet the Payment Card Industry Data Security Standards.
Some processors offer payment security at no additional cost for merchant and medical. They also take on the responsibility of data transmission and storage, so everything is kept off your own database. This helps you to avoid the legal complications that can be associated with data breaches.
The Health Insurance Portability and Accountability Act describes the way in which patient data should be handled, in order to ensure that it is kept confidential. Whether you are collecting payments online or in person, your payment processor should allow you to meet those standards. A medical payment processor should have a Business Associate Agreement or BAA in place against any potential breaches.
Your dentist’s office can benefit immensely by having a medical payment processing alternative that is not only HIPAA compliant but also allows you to keep track of your inventory. Secure systems protect the finances. health and personal data of your patients, thereby increasing the level of trust that they have in you. This allows them to feel comfortable while seeking treatment at your dental clinic or any other medical facility. Overall, merchant and medical go hand in hand.