Top 10 Benefits of Accepting Credit Cards for Medical Practices

Until quite recently, many medical practices did not accept credit card payments from their patients. But with the changing healthcare landscape  

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Top 10 Benefits of Accepting Credit Cards for Medical Practices

Jun 22, 2017

Top 10 Benefits of Accepting Credit Cards for Medical Practices

Until quite recently, many medical practices did not accept credit card payments from their patients. But with the changing healthcare landscape and the greater emphasis on patient responsibility for medical expenses, those practices are reviewing their policy and discovering the many benefits payment processing offers them.

Accepting credit and debit card payments is a business decision that can have a positive impact on your practice. Just as your patients depend on you for their health and well-being, you rely on your patients for your financial and reputational well-being. When they are able to pay the way they prefer, the likelihood increases that you will receive payment more quickly.

Medical practices like yours have special requirements and unique needs when it comes to patient payments. Here’s our list of the top 10 ways credit card processing with us can benefit your practice:

  1. Office efficiency improves because card acceptance streamlines your payment management system, making it faster and less error-prone through the reduction of manual processes and duplicate data entries.
  2. Many patients find it more convenient to pay with plastic, making them more likely to settle their accounts at the time of service. This accelerates your account receivables and boosts your bottom line.
  3. For patients who prefer to pay by check, converting those checks into electronic transactions for ACH processing speeds up payment and reduces the number of trips your staff makes to the bank to make deposits.
  4. The ability to process both card-present and card-not-present payments for point-of-service and post-adjudication balances further enhances your incoming revenue.
  5. By setting up automatic payment plans secured by the patient’s credit card before they leave your office, you ensure prompt payment and a regular cash flow while reducing the expense of collections calls.
  6. Several options are available for processing payments, including point-of-service terminals, mobile and online. One or more are sure to work for your practice.
  7. Patients welcome the opportunity to pay the way they prefer and when it’s convenient for them (in the office or online). Accepting their payment cards (including HSA and FSA cards) can lead to greater patient satisfaction and loyalty.
  8. Payment processing solutions from TSYS allow your staff to create customized reports, set up payment plans and store relevant patient payment information in multi-desk environments.
  9. TSYS’ advanced risk monitoring/mitigation tools help ensure data security, and we are fully PCI compliant. We also offer a Card Compromise Assistance Plan (C-CAP) that helps to cover you financially in the event of a data breach.
  10. TSYS is a leader in the payment processing industry with an excellent reputation and an A+ rating for customer satisfaction from the Better Business Bureau. We serve over 37,000 healthcare providers and deliver 24/7, U.S.-based customer service and support.

The bottom line on credit card processing is that it can directly generate more patient payments at the time of service, which leads to a healthier bottom line for your practice.

It's time to take another look at payment processing and what it can do for you and your patients. Talk to a TSYS representative today, and let our expertise in the healthcare market and our dedication to your success guide you to the right payment processing options for your needs.