decisionhealth Newsletters, Part B News - 2006 Issue 12 (December)
Keeping credit card info could reduce A/R, but increase risk
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Article Overview
This article explains how a medical practice may use patient credit card information as part of its billing and collections workflow, and why some consultants caution against storing it without safeguards. It is relevant to practice administrators, billing staff, and revenue cycle professionals who want to understand the operational, patient relations, and security considerations involved in payment collection policies.
Why This Topic Matters
Patient payment collection policies can affect accounts receivable, patient satisfaction, and the handling of sensitive financial information. The article helps practices think through the balance between convenience in collections and the risks of retaining payment data.
What You Will Learn
- How some practices approach patient credit card collection for outstanding balances
- What general risks are associated with storing sensitive payment information
- Why written authorization and clear patient notification matter in payment workflows
- How practices may structure payment plan options involving credit cards
- Operational considerations for keeping payment information secure on file
Who Should Read This
- Practice administrators
- Medical billing staff
- Revenue cycle managers
- Physician office managers
- Healthcare consultants
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