To help simplify things for you, and allow your practice to hit the ground running, you must consider the following practices. Implementing these tips can greatly improve payment collection and cashflow, as well as elevate the quality of your business, and help you to effectively prioritize patient needs.
Choosing the payment processor wisely
It’s very important that before you launch into any business practices when it comes to payment, you have committed the time to research your payment processors. Choose the payment processor wisely, as they will be responsible for holding and securing all your data. This means, you need to ensure that your choice incorporates PCI DDS standards with encryption, authentication, and breach responses, as well as restricted access control. The processors must also be HIPAA compliant, so spend time making sure they are super transparent!
Use payment terminals that support EMV chip
Credit cards with EMV chips are the most secure payment card device, so your payment terminals must reflect this option. Because EMV chips encrypt information at every access point, many customers prefer this method of payment, and so your portals need to be compatible with this type of transaction!
Make sure to utilize vP2PE
Encryption is key when it comes to payment collection, as it is the most secure way of protecting finances and patient information. Using systems such as vP2PE, your business can secure sensitive information by encrypting data and rendering it indecipherable from potential criminals. Information cannot be interpreted, and only you have access to a unique decryption key, which makes it essential for healthcare practices.
Develop custom HIPAA-compliant payment solution
Sometimes the current options in the software market don’t necessarily accommodate all of your business needs and that’s okay! Developing your own HIPAA compliant solution can be a great way to ensure that you deliver high-quality care by tailoring all business processes to your own resources. You can implement encryption, analytical software that monitors and pinpoints weaknesses, and portals for patients to view all of their payment information from one place.
Use online billing software
Online billing software is a great way to enjoy a variety of business operational features from just one package. Depending on the service provider you choose, you can have access to a variety of scheduling and reporting methods, as well as different price ranges and specialties. Each billing software is unique, and with the right research, you can select a software that’s perfect for you and your patients’ needs.
Choose online payment processing
Online payment processing is one of the easiest ways to receive payments on time, and it’s a super convenient method for patients to use. In just a few steps, clients can easily transfer the appropriate reimbursements directly into your account, with all payment information and history also easily viewable. Many companies provide online payment processing, and it’s the best way to elevate the quality of your practice.