by AJ Riviezzo
With reimbursement for procedures dropping, it is becoming essential for a practice to be mindful of every expense including hidden ones. Credit card processing fees are one such example. With deductibles, copayments and coinsurance always increasing; an ever-growing percentage of your total reimbursement is coming from the patient. Most of whom prefer to pay by credit card, for this reason in important that you learn how to manage your business payments online.
The solution is to somehow have the payer (the patient) pay the transaction fees when they chose to use their credit card. I have seen a few practices try to ‘gross up’ the fee amounts which gets complicated when using a Practice Management system. What I do recommend is a system that automatically applies these fees to the transaction for you.
One question I have been asked is how to move forward with something like this. I have been working with Colt Brown for over ten years, who like many of us, owns his own company. His company has come up with some merchant services answers to support small businesses. Colt can be reached at 505.795.3411 or via email at colt@coltbrown.com. Here is a little link that further explains the system. Video Link.
He also has an easy to use system for accepting credit card payments to your website. If you do not have payment processing on your website, I strongly recommend you set something up.
If you do move forward with the patient being responsible for their fees, I would add a notice to your financial forms that states the patient’s card will be charged the processing fee automatically should they chose to use their credit card.
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