Multiple payment options for patient co-pays and deductibles
In the past, offering multiple payment options was a complicated process. Modern payment processing systems make it much simpler for medical offices to integrate a variety of options for patients. From credit cards to PayPal to to money orders, providing patients with several ways to handle their co-pays and deductibles makes it more convenient for them to pay for your services while decreasing accounts receivable and astronomical collection costs.
State-of-the-art security and encryption to protect patients’ personal information
The Health Insurance Portability and Accountability ACT (HIPAA) Privacy and Security Rules protect your patients’ medical records, but what about their personally identifiable information (PII)? PII is all of the other personal data attached to your individual patients, and it’s protected by security and privacy laws, too. Payment processing systems keep that data private through state-of-the-art encryption and security measures.
Protection from fraud
A secure payment processing system protects both you and your patients from fraud by making it easier for medical offices to be PCI compliant. When your office fulfills the requirements of the Payment Card Industry Data Security Standards, your patients’ data stays out of the hands of cyber criminals who take advantage of security breaches. By protecting your clients from fraud you keep your practice’s reputation secure as well.
Gain insights into growth opportunities
A robust payment processing system provides medical offices with invaluable insights into payment analytics. This data can be used to gain a better understanding of your practice’s marketplace position, enabling you to find and seize opportunities for growth through more accurate benchmarking and forecasting.
Simplify the complex payment processes of the medical industry
Payment processes in medical offices are among the most complex in any industry. Invoices are often divvied up between insurance companies and clients. This requires medical practices to have invoicing processes for both insurance companies and patients. A dynamic payment processing system can alleviate some of the confusion by streamlining payment data.
How Precision Payment Systems makes medical practice payments simpler still
Precision Payment Systems will work with your medical practice to find the system and software that best meets your needs, but that’s not all we do. We also handle the relationship between your practice and your processor and assist with day-to-day needs like providing supplies for your stand-alone terminals. That leaves you free to do what you do best: offering attentive care to those in need.
What problems do you want to solve with your payment processing system?