Medical Payment Processing

Why Do You Need a Medical Merchant Account?

Whether you major in pediatrics, podiatry, or chiropractic, starting a medical practice involves several challenges. Every choice you make, from creating a business plan to choosing an administrative strategy, is your responsibility. And on top of that, managing payment processing is one of the critical aspects that you cannot ignore.

Medical merchant services include routine and preventative care and unforeseen emergency costs. These costs can vary significantly from a few hundred dollars to thousands of dollars and may require financing, installment, or insurance. Given the diverse range of expenses your healthcare patients might encounter, merchant services simplify patient care and ensure that payment processing is straightforward and convenient.

The Need for a High-Risk Merchant

Healthcare payment processing is unique as it involves multiple parties, including insurance companies, healthcare providers, third-party administrators, and patients. This multi-party involvement adds a layer of complexity, often leading to delays and confusion in the payment process. This complexity is a key factor in why the healthcare industry is considered high-risk.

Many banks and well-known payment processors, including PayPal, Stripe, and Square, avoid working with a high-risk industry.

We at Host Merchant Services want to express our gratitude for your hard work. We understand the importance of having a reliable, efficient, and scalable payment processing system to handle a large number of transactions. Our high-risk business payment processing solutions are tailored to improve the operations of your medical facility by streamlining patient payment collection. Our solutions include fully integrated tablet variants, touchless mobile versions, and standard countertop credit card terminals designed with convenience and security in mind. Let us help you choose the perfect payment processing solution for your healthcare facility.

Why is the Healthcare Industry Considered High-Risk?

• Data Security

Data security is a paramount concern in healthcare payment processing due to the high volume of digital transactions and the growing number of cybersecurity incidents. Medical providers are required to strictly comply with HIPAA regulations and protect patient data against theft or unauthorized access.

Although HIPAA safeguards patient information from breaches, your payment processor must also be up-to-date with the latest compliance policies. At HOST MERCHANT SERVICES, our payment gateway is PCI-Level 1 secure, constantly monitored, and regularly tested to maintain high-security standards.

• High Ticket Transactions

Medical transactions often involve high costs, typically exceeding $50 per transaction. These large sums are inherently riskier due to potential chargebacks and fraud, prompting many banks to avoid dealing with medical merchants altogether.

• Medical Chargebacks

Chargebacks pose significant challenges for merchants, especially in the medical field, where they can be costly and lead to increased fees or even account closure with payment processors. Chargebacks occur when customers dispute a charge with their bank, claiming an unauthorized transaction, incorrect amounts, or undelivered goods or services. Minimizing chargebacks is crucial for maintaining a good standing with your healthcare merchant account.

Implementing clear refund policies and providing round-the-clock customer service can help reduce chargebacks. Additionally, Host Merchant Services offers chargeback mitigation and dispute management services to help your business combat fraud and minimize the impact of chargebacks.

• Health Risks

Certain medical services or products may pose risks to patients. If a service results in injury or is otherwise controversial, it increases the liability for acquiring banks, adding another layer of risk to the healthcare industry.

• Diverse Payment Methods

Healthcare payment processing is complex due to the involvement of multiple parties, like patients, healthcare providers, insurance companies, and third-party administrators. This complexity can lead to confusion and delays. Unlike retail, patients often do not pay during the “service” or cover the full amount immediately.

Many need to arrange total payments over time, prolonging providers' payment collection process. They also wait for insurance companies to pay their share of services rendered. This extended turnaround time can strain your business’s resources.

The Importance of Medical Merchant Services for Healthcare Providers

• Efficient Payment Processing:

In the fast-paced world of healthcare, efficient payment processing is essential. Merchant services allow healthcare providers to accept various payment methods, such as credit/debit cards and digital wallets.

This adaptability meets the varying preferences of patients and speeds up the payment process, which is crucial in this industry.

• Enhanced Patient Experience:

The overall patient experience goes beyond the scope of medical treatment to encompass all aspects of the healthcare journey, including financial interactions. By integrating merchant services, healthcare providers can offer easy and convenient payment options, minimizing administrative burdens.

This contributes to a smooth and positive experience, enhancing patient satisfaction and encouraging loyalty.

• Security and Compliance:

Transactions in healthcare involve sensitive patient information, making security and compliance critical issues. Merchant services for healthcare providers follow strict security protocols and compliance guidelines to protect financial data and maintain patient confidentiality.

This builds trust with patients and reduces the risk of data breaches, ensuring a secure environment for both providers and patients.

Is Host Merchant Services Secure?

At Host Merchant Services, we adhere to the latest PCI DSS standards, ensuring compliance annually and continuously reviewing our processes to maintain the highest security levels for both patients and medical offices. We understand the importance of HIPAA compliance and are equipped to help your facility securely process patient payment information.

By reducing the time needed to process payments and offering multiple payment options, we can help decrease delinquent accounts and encourage timely payments from your patients. Most importantly, integrating our new payment solutions into your existing systems for managing patient accounts is straightforward.

We recognize that your medical office has numerous responsibilities beyond payment processing. That's why we provide expert technical support available 24 hours a day, ready to assist you whenever needed. This ensures that you can focus on providing care without concerns about the payment process.

What are the Additional Features You Get With Host Merchant Services?

Here are some of the features you get with medical merchant services with Host Merchant Services:

1. Multi-Channel Payment Acceptance:

Healthcare providers function across various channels, such as in-person visits, telemedicine, and online platforms. Merchant services designed for healthcare accommodate multi-channel payment acceptance, including:

• Debit Payment
• Credit Card Processing
• ACH Payments
• Check Processing
• Over-the-Phone
• Online Payment
• Mail-In Payment

It allows patients to pay via their preferred method. This adaptability meets the needs of both traditional and digitally inclined patients.

2. Payment Gateway Integration:

A robust payment gateway forms the core of merchant services for healthcare, enabling secure and real-time transaction processing. This integration ensures that payments flow smoothly into the healthcare provider’s financial systems, especially online payments.

3. Virtual Terminal for Remote Transactions:

A virtual terminal is an essential tool in today’s telehealth and remote consultations era. It allows healthcare providers to process payments via phone or email, ensuring that financial transactions do not hinder access to remote healthcare services.

4. Subscription and Recurring Billing:

Merchant services facilitate recurring billing for healthcare services involving ongoing treatments or subscription-based models. This feature ensures consistent cash flow for providers and offers convenience for patients, who can automate payments for regular healthcare services.

5. Patient Billing and Invoicing:

Efficient billing and invoicing are key components of healthcare merchant services. Automating these processes minimizes errors, speeds up the billing cycle, and provides patients with detailed, itemized invoices. These systems can also be integrated with electronic health records (EHR), offering a complete overview of a patient's financial activities.

Why Choose Host Merchant Services?

At Host Merchant Services, we recognize your healthcare business's critical role. Our merchant services are designed to equip your medical facility with everything needed for quick, easy, and secure credit card processing, all while enhancing your revenue through competitive and affordable rates. Our customer service team is available 24/7 to offer any support you need at no additional cost.

Our merchant training program is ideal for new clients partnering with us for the first time. We start with an initial telephone training to help you begin accepting payments through your merchant account efficiently. Additionally, we offer advanced training to ensure you and your staff fully leverage your payment processing capabilities. You dedicate your time to helping others—allow us to help you. Contact us today to schedule a free consultation with our expert professionals.