Ponder this: Does my practice or hospital spend valuable time chasing payments?
If you answered “yes,” then your healthcare organization could benefit from a Credit Card on File program.
“Once the office has a patient’s credit card on file, identified balances can be collected immediately,” Michael Gutlove, Infintech payment processing advisor, explains. “There’s no obligatory phone call, no waiting for a check in the mail, and no wasted time trying to get the patient’s credit card number.”
It’s as Simple as It Sounds
With Credit Card on File, your organization takes the patient’s credit card information at the first visit, usually with a co-pay. From there, you have everything you need to get paid in a timely fashion. (It typically brings patient accounts receivables down to an average of 32 days.)
Additionally, Credit Card on File can help you:
- Eliminate paper statements.
- Automatically charge fees for surgery estimates, no-shows, medications – and more.
- Easily charge patients for co-pays, co-insurance, deductibles and non-covered services at time of service or after insurance pays.
Should My Patients Be Concerned about Security?
If a patient is uncomfortable with the idea of putting a credit card on file, most practices find that a little education goes a long way.
“Once the practice inputs a card number into the secure virtual terminal, they never see it again. The office isn’t storing sensitive information on a computer or writing it on a post-it. Instead, they use a PCI-approved gateway that truncates the cardholder data,” Michael explains.
The information is then tokenized and encrypted. “Once the patient realizes this, they usually feel more at ease,” he adds.
Stop Chasing Payments:
Contact Infintech online or call 1-800-621-8931.