When choosing a payment processing company, you must consider a variety of factors. There’s a lot that goes into successful payment processing systems, and there’s also a lot at stake within healthcare. As a result, you must research into the following factors:
It’s best to incorporate software that is easily adaptable, and can conform and mold to a variety of patient needs. Healthcare always brings about new problems and issues, and your practice should be readily available to meet any challenge. With payment processing, you and your patients should be able to pay from a range of methods and at any place and time.
Credit, debit, phone, text, point of purchase
It’s always beneficial to include a variety of patient payment options, as restricting patients to one method can be rather dismissive. You shouldn’t overlook different methods based on assumption, rather, you should work towards including a variety of methods. These include credit and debit cards, as well as online, phone, and text payments. If you have a physical practice, you should also consider in-person payments.
Security and compliance
Your payment processing system should always prioritize the security of your information and data, as failure to do so could result in costly violation orders. Make sure that the provider you choose is HIPAA compliant, and is highly transparent about the security measures they use.
Opportunities for growth
The payment processor you select should have room to grow in its services. You need to be able to compete with other businesses, and in order to do so, you need to have advanced payment methods with customization features to increase turnaround times. When selecting a provider, remember to think of the big picture.
Integration with your practice management software
Your payment processing system should be easily integrated with your practice management software. Many of your business operations will be working in conjunction with another, and so these systems must be compatible.
Customized solution for your practice
While you wouldn’t think it a necessity, the payment processor must be a highly customizable service. That way, you can tailor its features towards the values and goals of your practice, and make the most use of the resources that you have. Doing so can increase productivity and efficiency within your practice, and work towards delivering high-quality care with fast payments.
Naturally, when dealing with payment processing, your system should support secure and private transactions that are at minimal risk of data leaks. At the core of payment systems lie transactions, and so there must be appropriate safeguards in place to protect all information.
Finally, you should make sure that the healthcare payment system is HIPAA compliant, and continually works to prioritize patient healthcare goals. You should have encryption services in place, with data protected at all points of access, and your staff should be knowledgeable about security measures. HIPAA compliance is an absolute must, and a vital legal requirement.