Keeping Credit Cards On File Is The Only Option

If you’ve read this blog long enough, and you’ve heard me speak at conferences, you know I’m a huge proponent of practices implementing a credit card on file policy. If you don’t know what I’m talking about, I’m referring to the practice of asking patients to leave a credit card on file (with the practice) to cover balances that the health insurance companies deem patient responsibility. Much like a car rental company or a hotel requires a credit card on file for incidental. Our practice has been doing this since 2009 and we’ve never looked back. It has been one of the best decisions we’ve ever made. Not only was it not as difficult to implement as we thought, but we’ve been able to improve our accounts receivables. As it turns out, I found a practice that has been doing the credit card on file thing  longer than we have. I wanted to learn more about their experience so I asked Melanie, the manager of this practice, if she could answer a few questions about their experience in implementing this policy. She agreed. Enjoy! —–  How long have you had the credit card policy in place?  We have had this mandatory since 2008. What do you use to store the cards and process the payments? We’ve partnered with a vendor name Instamed that helps us with this process. Do you give patients options or is the policy you have in your office rigid? Our patients have the option of cc/hsa/debit card and also any copay amou...
Source: Pediatric Inc - Category: Pediatricians Authors: Tags: Collections Policies Revenue The Business of Medicine Credit card Financial Services front desk Front Desk Collections Insurance Merchant Services Patient Source Type: blogs