Step Up Your Collection Efforts With Credit Card Acceptance
Published on Tue Sep 22, 2009
Caveat: Protect your patients' credit information to comply with privacy, identity theft rules. With fewer patients coming through the door these days because of financial concerns, you need to focus on collecting from those your providers do see. Make your job easier and increase your collection rates by offering patients the ability to use their credit cards. Here's how. Examine the Benefits of Accepting Credit Cards When a patient tells you that she doesn't have the cash or her checkbook to pay her copay at the time of service, you stand a better chance of collecting high-deductible payments or getting paid faster on high-cost self-pay procedures if you can offer her a third option: credit card payment. "Depending on the types of patients that the practice serves it [credit card acceptance]can be an effective strategy," says Ester Horowitz, MBA, owner/certified management counselor and practice marketing advisor with M2Power, Inc. in [...]
