The ability to accept credit or debit cards as a form of payment for physical therapy services rendered can boost practice revenue.
Presenting patients with simple, convenient ways to make payments and recurring payments if necessary is a way for a practice to minimize accounts receivables and increase cashflow, according to Nitin Chhoda
Credit and debit cards represent one of the most convenient and easy way for patients to pay their bills, while providing practices with a point-of-purchase solution to collect funds before the client exits the clinic.
Physical therapy billing allows patients to make one time and recurring payments at the office and online to boost revenues. Patients are much more likely to relinquish co-pays and fund their healthcare costs if all they must do is provide their credit or debit card information.
Ease of Access
Convenience is the keyword for the 21st century clinic. Today’s population is busy and mobile, with little time left after meeting, work, and family obligations. Few clients carry cash with them nowadays, but virtually everyone has a credit, debit or pre-paid card.
It’s a trend that therapists can utilize to their physical therapy billing advantage. For those who want to move into the electronic age of physical therapy billing,coding and collections, an EMR is the first step. Financial institutions have offered online payment options as a courtesy for their members for years.
EMRs provide the same service through patient portals where clients can make a one-time or recurring payment without the need to enter extensive billing information.
Payments Made Simple With the Help of EMR
EMRs allow patients to make physical therapy billing payments from home or from their mobile devices, and funds can be transferred into the clinic’s account in as little as 48 hours. Practice owners can offer a variety of incentives to patients who pay with their cards, from special discounts to membership programs.
Many credit card issuers offer their own incentives, and when combined with offers from a practice, it provides additional motivation to pay early and often. A physical therapy practice is a business and clinic owners must look at every available avenue to collect for their services.
Therapists can immediately determine if funds from physical therapy billing are available so as to initiate a transfer if payments are made at the office.
An EMR with a patient portal allows individuals to pay their bills and manage their financial obligations to the practice more effectively.
The ability to accept credit and debit cards can increase revenue by as much as 23 percent. Instead of waiting up to 90 days for a check to clear, funds can be deposited directly into the clinic’s account for better cash flow. Credit card processing becomes an automatic physical therapy billing process for savings in time and effort.
The Convenience of Using Credit Card
Accepting credit cards via an EMR is an environmentally desirable solution that saves natural resources and cuts costs for practices. The ability to accept credit cards provides a speedy, flexible and convenient means of delivering a superior level of customer service.
Clinics also gain credibility from established and potential patients. Therapists utilizing physical therapy billing software contained within an EMR are perceived as the most modern and desired therapists. An EMR with physical therapy billing capabilities provides convenience for patients and increased cash flow for clinics.
Credit and debit card processing for one time and recurring payments enables practices to collect quickly for their physical therapy billing services and are perceived better by patients, leading to clients who enthusiastically recommend the practice to family, friends and co-workers. Combined with real time, automatic claim submissions, therapists can significantly boost their cash flow, even in a vexing economic climate.