Healthcare merchant services and payment processing present unique challenges, including strict security standards, regulatory compliance, and high-risk classifications from banks. Host Merchant Services, in collaboration with Rectangle Health, provides a secure, compliant payment solution designed specifically for healthcare providers. Modernize your patient payment systems with our platform to meet evolving industry needs and enhance operational efficiency.
Simplifying Payment Processing for Healthcare with HMS
You know that healthcare and medical industry payment processing can be complex. As technology advances and the internet offers new payment methods, your healthcare practice requires a medical merchant account designed specifically for your needs. Businesses in the healthcare sector often need help with being labeled as high-risk by credit card processors and banks, which makes securing reliable payment processing difficult for many.
Host Merchant Services, in partnership with Rectangle Health, provides a straightforward and secure payment solution that will improve your practice’s financial health and enhance the workflow of your office staff.
Leveraging Rectangle Health’s 30+ years of experience in healthcare technology and payments processing and Host Merchant Services’ extensive knowledge of nearly 15 years in technology and high-risk merchant services, we offer a robust, dedicated payment solution. Considering your cost concerns, this solution will streamline payment processes for your patients and staff.
All-in-One PMB Solution to Enhance Your Healthcare Merchant Services
HMS collaborates with Rectangle Health to provide the Practice Management Bridge (PMB) platform, developed to improve healthcare practices’ management and financial operations.
This platform streamlines healthcare administration and patient management processes, aiming to enhance patient satisfaction and boost practice revenue through several essential features:
- Streamlined Payments:
PMB supports a range of patient payment options. It accommodates payments before, during, or after treatment using various methods such as debit, credit, eChecks, and mobile payments, including Apple Pay and Google Pay. This extends to online payments through a practice’s website, facilitating easy financial transactions for patients.
- Compliance with Industry Regulations and Standards:
HMS ensures that PMB complies with HIPAA and OSHA standards, reducing potential liabilities for healthcare practices. This compliance feature is built into the system to help practices manage their regulatory responsibilities effortlessly.
- Chargeback Mitigation and Complete Protection:
Healthcare purchases typically cost more than $50 per transaction, making them costly. Such high-ticket transactions carry a higher risk of chargebacks and fraud. HMS provides dispute management and chargeback mitigation services to reduce chargebacks and their effects on your medical business; you get full chargeback protection.
- Patient Engagement:
The platform improves patient communication by automating appointment reminders and follow-ups, thus personalizing patient interaction and enhancing their experience. It includes digital patient registration, eliminating the need for paper forms and manual data entry, saving time for both patients and staff.
- Patient Financing:
PMB provides financing options to offer patients greater flexibility in managing their healthcare expenses. This feature includes easy-to-obtain financing solutions that are accessible regardless of a patient’s credit history.
- Staff Management:
Features auto-posting capabilities that reduce the need for manual entry and physical record-keeping, decreasing the likelihood of errors. The PMB securely stores encrypted payment information for easy access and use in future transactions. It also supports the capture of digital signatures on patient intake forms and the sending of email receipts.
Optimized Payment Processing Solutions Tailored for Healthcare Providers and Networks
We at Host Merchant Services provide payment processing solutions designed especially for your specific needs, using advanced technologies to improve operational efficiency.
- Medical Practices:
Accelerate payment processing by combining various payment methods into one platform, including credit cards, ACH payments, and HSA/FSA cards. Works with electronic health records (EHR) and practice management systems to improve workflows and reduce administrative tasks.
- Patient Payment Solutions:
Connects health plans, providers, and consumers, allowing for secure and efficient management of all healthcare payments. Patients enjoy more convenient bill management, which helps reduce late payments and increase satisfaction. Text-to-pay and QR code payment options meet patient expectations for modern, secure transactions.
- Health Systems:
Payment and revenue cycle solutions facilitate secure and fast transactions, enhancing convenience for staff and patients. They also support revenue cycle management with existing healthcare management software, including EHRs and practice management systems.
- Strategic Health Partners:
As strategic partners, large healthcare networks benefit from our integrated payment platforms that improve operational efficiency and contribute to revenue growth. Get real-time reporting to monitor payments and track financial trends, helping to manage finances more effectively.
Streamlined Virtual Terminal Solutions for Efficient Payment Management
Our Virtual Terminal, part of our comprehensive healthcare merchant services, equips practices with advanced tools to manage payments effectively. With features like email invoicing, our platform enables providers to send detailed invoices directly to patients. These invoices act as both payment requests and records, simplifying the tracking of payment histories.
Payments are processed instantly upon patient authorization, enhancing cash flow and reducing wait times. For patients on payment plans, our system supports the automatic processing of transactions each month, eliminating the need for manual intervention. We also provide a secure vault for storing credit card information, simplifying future payments while ensuring PCI compliance.
The “set-and-forget” functionality allows for seamless management of ongoing payments, automating the collection process for patients with installment plans. It streamlines the management of recurring payments, reducing the administrative load on healthcare providers. Our solution helps medical practices improve payment collection processes efficiently and securely by aligning with industry-specific security standards and offering multiple payment options.
Other Benefits of Choosing Host Merchant Services as Your Healthcare Merchant Service Provider
Selecting HMS for medical payment processing brings several benefits specifically designed for healthcare providers. Here’s why HMS is a good choice for medical businesses:
- Competitive Rates and Clear Pricing: HMS offers competitive pricing with no hidden charges or binding long-term contracts, which helps medical practices keep profitability high. This clear pricing structure aids providers in managing their finances effectively, a critical issue in the healthcare sector.
- Expertise in Healthcare Payments through Strategic Partnership: We recognize the complexities of the healthcare industry, so we have partnered with Rectangle Health, a leader in payment technology and processing. This collaboration aims to provide solutions that meet your specific needs.
- Rapid Approvals and Capability for High-Volume Transactions: HMS can approve accounts quickly, usually within 48 hours, and is equipped to manage large transactions. This is especially useful for providers who handle many patients and costly procedures and need dependable payment processing for large amounts.
- Support for Multiple Currencies and Diverse Payment Methods: HMS allows businesses to accept various currencies, which is essential for practices with international patients. They also offer a range of payment options, including credit/debit cards, HSA/FSA cards, and digital wallets such as Apple Pay and Google Pay, making payments more manageable for patients.
- Customer Support and Chargeback Reduction: HMS offers round-the-clock customer support every day of the year to resolve any concerns. Additionally, HMS equips healthcare providers with practical tools to minimize chargebacks, addressing the frequent occurrence of disputes over substantial payments in the sector.
- Data Security and Regulatory Compliance: HMS strictly complies with PCI Level 1 standards and HIPAA regulations to safeguard sensitive financial and patient information. This commitment to security protocols is crucial for healthcare providers who manage confidential data and electronic transactions, helping to decrease liability risks.
Contact HMS Today to Get Tailored Payment Solutions to Grow Your Healthcare Practice
Healthcare payment processing requires a specialized approach, making working with an experienced payment processor essential. At HMS, we offer customized solutions to help grow your healthcare business, minimize chargebacks, and optimize payment operations. Complete our application today to discover how HMS can support your practice with tailored payment solutions.
