Payment Processing for hospitals is more complicated than you might think. Some questions that often come up are:
- How much should I be paying in fees?
- Should I lease or buy equipment?
- Should I be locked into a service agreement for a certain length of time?
It’s essential to research and consider these questions when you’re choosing the right credit card processor for your business. Mistakes with billing can be very costly for hospitals; that’s why it’s crucial to avoid the common traps that occur in the payment processing industry.
Considerations
Changing your current merchant account can be expensive and complicated. Before moving forward, you need to make sure you’re getting a deal that makes it worth the effort.
Many hospital payment processors are going to promise you savings, but are you going to save as much as promised? Do you need to buy new equipment or sign new lease agreements? Are you getting added value and functionality from your new processor?
Factor in all these costs when you decide to switch your merchant account to another processor.
Payment Processing for Hospitals & the Medical Industry
The reason why hospitals have a difficult time choosing a payment processor is that the medical industry is a challenging environment that’s constantly evolving.
Convenience
Paying medical bills wasn’t always easy. Now, there are multiple ways to choose from. If you want to keep up with your competitors, then you need an all-in-one patient management system that provides billing, payment processing, and tracking.
Third-party providers, like REPAY, offer all-in-one solutions that make it easy for patients to log in and make payments. We work with hospitals to integrate our product with your existing system to make the transition seamless.
Also, we offer a variety of payment methods, including ACH, Debit & Credit, Debit Only, Online Portal, Phone & IVR, Text Payments, and Point of Sale (POS). These options give your patients more ways to pay at their convenience. Statistics have shown that providing more payment options increases the percentage of on-time payments by roughly 60%.
Compliance
Not only do you need to meet the high expectations of your patients, but you also want to make sure that everything is in perfect compliance. REPAY’s payment solutions are HIPAA compliant to ensure your patients are getting the best out of their payment experience with your business.
Takeaways
You need a hospital payment processor that offers numerous modes of payment acceptance, automated billing tools, secure payment protocols, and other essential features for the medical industry.
If you want to know more about what we can do for you, contact us today or request a free demo.