What methods do you accept for patient payment solutions? When people receive their bills, how long until they pay their doctors? Seventy-three percent of doctors say their patients take at least a month to pay them. Providers in the healthcare industry are expected to give excellent service to patients while keeping their activities efficient.
Card on File is an efficient answer to the issue of late payments, which is a burden for both patients and healthcare providers. Having a patient’s credit card on file allows healthcare providers to more efficiently process payments and meet patients’ requirements.
Many practices and patients might not be aware of the benefits of the card-on-file method of patient payments, despite the fact that it is safe and quick. How does CoF function? How can medical facilities and patients benefit from paperless medical billing? Find out more about the healthcare card-on-file services here.
1. Boost Cash Flow:
It is becoming more challenging for providers to collect post-adjudicated patient balances. In order to ensure complete payment, have patients sign a form allowing you to keep their card information on file and authorizing payment of the post-adjudicated amount once the claim has been resolved.
Adding a discount for patients who pay in full using their card can make this choice even more appealing. Using this method eliminates the possibility of payment being bounced or returned. In addition, providers can save about 34 cents per transaction by switching from cash and ACH payments to debit cards.
2. Safer Practices:
Security is always a top priority whenever a card-on-file option is provided. Tokenization safeguards sensitive customer information during the processing of credit card transactions. This safeguards sensitive information at a time when the healthcare industry is especially vulnerable, with the COVID-19 epidemic.
Time that would have been spent investigating, contesting, following up on, and tracking these unlawful transactions is saved up when fraudulent behaviour is eliminated.
Patients are increasingly looking for easy access. For this reason, having an online payment option is vital for your business’s patients. There will be no need to issue checks.
Credit and debit card information can be stored more simply, and patients can more easily maintain tabs on their monthly expenditures and budget.
There’s also no need to keep track of lengthy account and routing numbers. In this way, patients only need to pull out a card they already carry to make a payment.
4. Satisfaction and Devotion Among Patients:
Many people have lost their jobs and are struggling financially as a result of the COVID-19 outbreak. Furthermore, healthcare prices are increasing year after year. Patients’ inability to pay their medical expenses is a direct result of these issues.
Many credit cards provide substantial benefits for large purchases, and many debit cards also have rewards schemes. Patients can get rewards in the form of cash, points, or miles when they use their credit cards to pay for medical expenses. Patients can also use credit cards to pay for unexpectedly expensive medical procedures.
5. Saving Time:
Paying medical expenses can often be a stressful and time-consuming process, as it may take sufferers months to settle their bills. Despite the increasing popularity of electronic medical billing, paper medical bills still prevail in the healthcare industry. This means that the majority of patients who prefer to pay by credit card are required to manually complete the paper forms they receive in the mail. This additional step only adds to the reduce financial stress that patients may already be experiencing.
CoF services in the healthcare industry facilitate the exchange of patient card details through electronic registration processes. They can save even more time by finishing any paperwork prior to their visit.
6. Avoiding Payment Delays:
In healthcare, payment delays are a frequent problem that must be addressed. Some people put off paying their medical bills on purpose because they can’t afford to, while others simply forget or don’t know how to. With CoF’s patient payment services, the procedure is streamlined, and late payments and associated fees are greatly reduced.