I was just wondering to myself what direction medical providers are leaning with respect to accepting credit card payments for professional services. Considering the fact that margins have evaporated or worse are now hovering in the red with regard to third party payment for medical services, does the acceptance of credit cards and the accompanying 2-3% processing fees for co-pays and co-insurance make sense from a business perspective?
I'd be interested in how you are leaning, so please participate in our poll in the right hand margin of this blog.
1 comments:
Mark,
Actually, I'd like to take credit card/credit financing one step further and ask for the payment for the whole Plan of Care up front.
Let's say $100/visit, 12 visits for lower back pain.
We'll arrange financing with an independent financing company who sets up a payment plan with the patient.
I get paid in 5 business days.
I give the finance company 8%-10% of the total amount financed.
Oh, by the way, I no longer have need of 3-4 full time collections, charge entry, reconciliation and back office management staff.
Physical therapy is not going to go away.
Maybe some back office and staff physical therapists will go away when patients demand high-quality interventions for their $1,200.
The first thing that has to go is the unholy alliance between insurance companies, patients and caregivers.
Tim
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