Payment Processing for Medical Practices

March 9, 2018

Payment Processing for Medical Practices

Payment Processing for Medical Practices 

For medical providers, accepting card payments with a credit card machine is essential. Most patients will not expect to pay for services by cash or check and an inability to process credit cards can be detrimental to your billing practices. Medical credit card processing has changed dramatically in the last few years with advances that can benefit your medical practice while ensuring compliance with federal regulations and delivering excellent customer service. As a medical provider, here’s what you should know when choosing payment processing services for your practice.

Recurring Payments and Payment Plans
Medical care can be expensive. When patients cannot afford to pay their entire bill, you need credit card processing services that support payment plans and recurring payment options. This service allows patients to make payments online or during visits to your medical practice.

Online Bill Pay
If patients are not required to pay their bill when services are rendered, an online bill pay option can make it easier and more convenient for patients to pay. This option can also reduce the need for collections and reminders. If your merchant services include an online payment portal, patients can pay their bill on their terms when they receive their bill in the mail.

Accept FSA/HSA
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HRAs) give consumers a flexible option to pay for medical expenses with a tax-exempt trust. Today, these accounts come with a debit card that can be used on qualified medical expenses. HRA and FSA use are on the rise and it’s important for your practice to be set up to receive these payments, not just for patient convenience but also to increase collection activity.

A specialized medical merchant account can allow your practice to accept FSA and HRA debit cards by giving your practice a special MCC code that alerts the card issuer that your services or products are related to medical care.

Intuitive Dashboard for Staff
Your staff can benefit from a user-friendly system that shows updated patient balances and streamlines the checkout process. This also improves patient satisfaction and reduces unnecessary wait time. A good system will provide prompts to staff for outstanding patient balances with a real-time POS collection dashboard and other tools to manage billing.

Secure Data Storage
Security is always a big concern with payment processing, but medical offices face unique security concerns and requirements to keep patients’ data safe. Patients should be confident that their payments will be secure and their information will remain private at your practice. Medical merchant services specialize in payment solutions designed for medical providers that are PCI- and HIPAA-compliant.

If your practice is ready to begin accepting credit cards and HRA/FSA cards, or you are unhappy with your current payment processor, it’s time to make a change. Be sure you choose a processor that offers specialized tools to help your medical practice grow. At Host Merchant Services, we offer merchant accounts customized to the needs of your practice without hidden fees or costly term commitments.

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Merchant Services, Payment Gateways, Payment Processing, Point of Sale Systems, POS

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