Credit Card Acceptance Can Pep Up Your Collections Efforts

By Author: Julia Rose
Total Articles: 89
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Offer patients the option to use their credit cards and make your job easier while boosting your collections rate. Firstly, give a thought to the benefits that come with accepting credit cards. If you run into a patient who doesn't have her checkbook to pay her copay at the time of service, you'll be better placed to collect high-deductible payments if you can offer her a third option: credit card payment.


The benefits that your practice may see are many when credit cards are used. Some of them are:


Using the credit card will save you time and costs. You won't have to run after unpaid copays or balances, which reduces both the hours you spend on collections and the cost of sending out bills.

Your cash flow will look up.

You'll get your payments in a more timely manner.

You'll also be able to track revenue as well as reduce employee petty theft.


You can also offer an electronic bank draft option. If you ask for payment at the time of service, you'll reduce your collection cost and effort. Providing your patients with multiple ...
... options to pay means that you're making it difficult for them to get away without paying.


When you're providing another mode of payment, you are optimizing revenue and therefore you are increasing collections.


Tip: While working with credit card payments, the most important thing your practice needs to know is what the terms of your agreement with the credit card company are.


To get more information on billing and collections, go for billing and collections conferences and increase your cash flow. In fact, there are billing and collections conferences taking place in Orlando, FL where you can go to and boost your billing and collections know-how.


Gain knowledge about billing and collections conferences by attending proper medical coding conferences along with premier coding experts, CDs, tapes and transcripts of coding training information by specialty.