What is a Payment Processor? A payment processor is some sort of transactor for financial calculations, technically an invertible currency exchange appointed by a merchant to handle transactions from various channels such as credit cards and debit cards for merchant acquiring banks.
Payment gateways are the first step in the online payment process, and they have been crucial in helping e-commerce companies more easily accept online transactions.
Payment processors can make you and your staff’s lives much, much easier. But with any new software system comes challenges. So, what’s a clinic to look for when considering bringing a new payment processor into their technology suite?
Obviously, the number one thing that healthcare providers tend to look out for is top-notch security. This, seemingly simple, requirement immediately takes most major processors out of the game. You need a payment processor that is HIPAA compliant to ensure that their security meets the highest level of standards for healthcare and patient data.
You’ve probably seen this time and again, especially with smaller operations, but data breaches do happen. Malicious Malware is always out to get data they can extort for quick and easy money. As a healthcare provider, it’s your responsibility to meet these requirements and prevent breaches from happening. Ideally, that’s the case but nothing is ideal. Many facilities can’t afford to divert attention from giving quality care to data security. That’s why choosing a payment processor that’s HIPAA compliant is the most popular choice.
The Business of Money
Many clinics are hesitant to move towards telehealth and accepting online payments due to the financials of the situation. To be frank, it’s not free or cheap to start accepting online payments. However, payment processors like CHIPD Payments make it easy, affordable, and beneficial to your clinic to add this service to your costs.
Experts say fee for service isn’t going to vanish in 2021, but more contracts will be focused on value-based care, and the lifeblood of any value-based care contract is data. Payers want data to evaluate which physicians are the most effective, and the top performers get the best bonuses.
Luckily, adding a payment processor can open your clinic up to a whole new target market. According to Instamed, 66% of patients will consider switching healthcare providers for a better patient payment experience.
Adding a new product to your tech stack is never an easy feat. However, the time savings that come with the onboarding is usually worth it in the end. Many of our clients save over 4 hours or manual work per week when they switch to CHIPD.
CHIPD Medical Payments offers training that takes only 45 minutes. The best part? You’ll have a dedicated staff member there to assist with anything you may need before and after implementing your new payment processor. Our 24/7 helpline is always available.
Staying organized and keeping your workflow moving is essential in healthcare, especially with an influx of patients; more are sure to come in 2021, and you need to be prepared. Learn how CHIPD can take your healthcare payment processing up a notch.
Utilizing a healthcare-centric, all-in-one payment processing system can help alleviate the headaches brought on by revenue cycle management. CHIPD’s mission is to help medical clinics and hospitals become more efficient, profitable, and lower their AR time frames. With one simple, healthcare-centric payment gateway, hospitals & clinics can now give their patients flexibility to manage their financial obligation anytime, anywhere. Interested in learning more? Find out how we can increase your cash flow by reaching out to [email protected] today for a free cost analysis.