Many practices routinely suffer financial losses due to long waiting periods after sending out statements, or not being paid by a patient at all. Considering the fact that the average patient refers eight people to their chosen practice, healthcare professionals greatly benefit from maintaining a pleasant relationship with their patients. The wide variety of financial problems that can arise from a difficult patient – who may eventually become embarrassed or angry and abandon the practice altogether – can be avoided by using a strategy known as healthcare credit card processing.
Cost Effectiveness and Happy Patients
Many of the largest dental, medical, and chiropractic societies nationwide have endorsed this method, and many doctors’ offices have reported a significant increase in cash payments from patients. Some have actually seen up to a 75% increase, which is a remarkable testament to the effectiveness of a strategy like this.
The healthcare credit card processing method is being implemented by more and more physicians throughout the United States as it allows for one of two things to occur within a short span of time – doctors are paid upfront at the time of treatment, or they can find security knowing that they will get paid soon after the treatment, since the money comes directly off their patient’s credit card.
Credit Cards Guarantee Payment
Patients are not required to sign up for a credit card in order to be seen by their family physician. If they have an existing credit card, however, their information will be processed and their payment will eventually be take off their credit card. This provides reassurance to healthcare professionals who may otherwise be concerned about patients ignoring statements.
Doctors have expressed satisfaction with this strategy due to the peace of mind it brings, but also because the cost of mailing multiple reminders and statements can be excessive. The average cost of sending a statement to a reluctant patient is between $7 and $9, which can add up if several statements need to be mailed out.
Healthcare credit card processing is a new and innovative way to ensure that physicians are paid for their time. Many doctors’ offices have saved money on billing costs as a result of this automatic payment plan that ensures that credit card owners will pay their medical fees on time.
