Convenience is king when considering payment methods for patients. Not only is it a convenient payment option for your clients, it can keep your practice and accounts receivable running smoothly.
As a behavioral healthcare provider, you need to be properly compensated for your services in order to cover expenses and continue treating patients. Worry about the unknowns of collections and prompt payments shouldn’t hold you back from maximizing your cashflow. Let’s shed some light on how credit card processing is so pivotal to creating a sustainable cashflow.
Healthcare Credit Card Processing and Revenue
The benefit of offering your patients a convenient payment option doesn’t need much discussion. After all, you probably have a credit card and enjoy the benefits of using it throughout your day. It’s quick and convenient in a world where cash is no longer king. Of course, this keeps cash coming in, but let’s dive deeper and look at other ways healthcare credit card processing can benefit your revenue stream.
Besides being convenient for your patients, credit card processing integrated with your EHR benefits your staff. With credit card processing, payments are received that day. This not only means that you get paid faster, but it also means no more time will be lost chasing down payment. On a similar note, if patients are less likely to use checks, the less likely your team will have to rectify bounced checks.
No chasing down payments means you will have a more up-to-date view of your finances, can save time depositing checks and running cash to the bank. Balancing your books and managing your revenues will be much easier and you can even get automated, detailed reports about every transaction.
It’s easier on your accounting books to process credit cards. You can run detailed reports that will specify exactly how many transactions you processed and what the total dollar amount received was on any given day. This puts less responsibility and stress on your accounting team, as the software can do the bulk of the heavy lifting when it comes down to accounting.
Fraud Protection and Eliminating the Risk of Non-payment
Believe it or not, credit card companies can help you in the fight against fraud. Nobody wants to get ripped off, whether you are the payer or the payee. Credit card companies actively work to fight fraud and put security measures in place to protect against identity theft and fraud. Your organization can benefit this, as credit card companies work to guarantee payment to your organization.
Optimize your Work Day
There are so many ways our work days get away from us, and we are left feeling unproductive at the end of a hectic day. There are many ways to optimize your work day and increase your efficiency.
An optimized work day makes employees more efficient, which also helps with revenue and your organization’s productivity. Integrated credit card processing is just one way in which TenEleven can help streamline processes within your organization.
Increase your revenue stream and help make your patient’s lives easier by offering credit card processing to your patients. Contact us to learn more about how TenEleven can amplify your practice.