ED Coding & Reimbursement Alert - 2009 Issue 35
COLLECTIONS: Step Up Your Collection Efforts With Credit Cards
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Article Overview
This article explains how medical practices can evaluate credit card payment options as part of their collections workflow. It covers operational and administrative considerations such as payment acceptance policies, merchant agreement terms, patient satisfaction, security of payment information, and compliance awareness for billing and collections teams.
Why This Topic Matters
It matters because practices looking to improve cash flow and reduce accounts receivable need payment processes that are efficient, compliant, and secure. The article helps staff understand the business and privacy implications of accepting credit card payments from patients.
Article Sections
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Examine the Benefits
Introduces the operational reasons a practice may consider accepting credit cards as part of patient collections. Discusses general impacts on payment timing, workflow, and revenue handling.
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Know What You're Signing
Reviews the importance of understanding merchant agreement terms and related costs before adopting a payment arrangement. Also addresses general concerns about fees, compliance, and patient-facing charges.
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Protect the data
Focuses on safeguarding patient payment information and confirming the legitimacy of transactions. Notes the need for privacy-aware handling of billing data and broader compliance awareness.
What You Will Learn
- How credit card acceptance can fit into a medical practice collections strategy
- What kinds of merchant agreement issues practices should review at a high level
- Why protecting payment data and confirming transaction legitimacy are important
- How payment options can affect workflow, cash flow, and patient relations
- Which general compliance considerations are relevant to billing and collections processes
Who Should Read This
- Medical practice administrators
- Billing and collections staff
- Revenue cycle personnel
- Practice managers
- Front-desk staff handling patient payments
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