Finding the top payment processor for doctors is a surprisingly simple task.
To start, you need to understand how the healthcare industry operates. Any changes in the industry may affect how payments are collected. Developments and updates in healthcare can give you ideas on what is needed to process payments efficiently.
For instance, reports reveal that there is an expected increase in healthcare profits but it will mostly be coming from the out-of-pocket payments from patients. While you may have a system in place for collecting payments from health insurance companies, you might have to consider how you can make the collection process easier when it involves the patients.
This brings us to another important consideration when looking for top payment processor for doctors – the patients. You need to understand the payment preferences of patients. Do they prefer to pay in cash or credit cards? What are their payment behaviors? How many of them have health insurance?
These are important factors that you need to consider when selecting a payment processor. The healthcare industry has specific needs that are different from retail or other industries. For instance, there is a need to analyze the ability of the patient to pay for care. This has to be done in a fast and efficient way to be able to administer immediate health care while guaranteeing a smooth collection process in the future.
You want to make sure that the payment processor is aware of these needs so they can be fully supported. You will need to open communications with patients so they can discuss different payment options and possible repayment plans.
Three options to find the best payment processor for doctors
To expedite the search for the top payment processor for doctors, you need to know where to look for them. Here are three options to begin your search:
- Medical organizations. If you are a member of specific medical organizations, you may want to check them out for a list of payment processors that they may have partnered with. Sometimes, payment processors partner with reputable organizations to provide members with special rates and packages.
- Medical groups. There are also private payment processors who have associated themselves with certain groups (e.g. Pediatricians, Dentists, etc) for their services. This option may be more effective in giving you the right payment processor because the processor knows the specific medical practice. After all, pediatricians may have different needs compared to cardiologists, etc. You may be able to find a more appropriate package for your specific practice.
- Medical professionals. Finally, you can get in touch with colleagues of yours and ask them for referrals when it comes to the top payment processor for doctors. You can get in touch with their merchant account providers and ask for a package that suits you best.
Aside from these three, there are other options to find the right payment processor for your medical practice. Just make sure to consider the needs of your patients. After all, they will be the ones making the payments. You should try to make it as easy and convenient for them as possible. When the payment options are convenient, the chances of them paying in full will be higher.
Qualities of the best payment processor for medical professionals
As you narrow your search for the top payment processor for doctors, look for certain qualities that will ensure that you are making the right choice.
State-of-the-art security systems
According to reports, cyber thieves like to target the healthcare industry. In fact, more than 5 million records were compromised in 2017 after 374 data breaches in this specific industry. Apparently, a huge percentage of these came from POS breaches. Healthcare records usually have complete information of patients – making it a real goldmine for hackers. Make sure that the payment processor has state-of-the-art security systems and encryption technology that will protect the information that goes through them.
There is a reason why healthcare is considered a cottage industry. There are various enterprises working together to deliver the best health care service to a patient or community. They trade within themselves – establishments, facilities, and professionals. Sometimes, one payment is collected and distributed across these different entities. The payment processor should be able to integrate these specific needs into the package to ensure a seamless payment processing system.
Since the industry itself involves a lot of entities, the package should be as simple and comprehensive as possible. This includes billing, processing of different payment methods (cash, credit/debit cards, online payments, checks), etc. Some of the top payment processors for doctors can even offer installment payment systems that will make it easier for patients to completely pay off their bills.
Apart from the comprehensive package, look for payment processors that are flexible enough to allow you to accept different payments from patients coming from all walks of life. Some patients may be employed by the government and thus will have a different payment capability compared to those working for the private sector. The payment processor should be able to provide assistance regardless of the method of payment that the patient chooses to use.
It helps to understand the specific tasks that you want them to help with. It is not just about the collection efforts. You want to make sure that they can help you with receivables, financial paperwork, cash flow efficiency, etc. Feel free to request for customized payment processing solutions. No one medical professional has the same needs – even if the practice is the same. The needs of a pediatrician in a metropolitan area are different from one that has set up a practice in a smaller town. Make sure you communicate what you need to avoid having the wrong expectations.
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