As a medical provider, it is imperative to have the best healthcare payment processing solution so you can properly secure the future patient responsibility. As reported by the Kaiser Family Foundation the average annual out-of-pocket costs have increased 230% since 2006. With no end in sight for the growing patient responsibility, it is easy to see whose repsonsibility it ultimately ends up being. Medical providers need to address this issue directly with their patients, and have the tools to collect.
If you know your patient will end up paying $200–500 out of their own pocket, don’t you want a secure and easy format for collecting those payments? Request a demo of the CardConnect platform, and let us show you a more efficient way to collect payments.
Engage Customers
The only true way to secure your patient’s future patient responsibility and out-of-pocket payments is to engage with your patients early and have the financial discussion about their preferred payment methods. What better time for this than when you have the patient in front of you, and you’re collecting the co-pay? With the right tools, your office can easily secure the future patient responsibility in a safe, compliant manner right there.
Understand Compliance
The days of taking an imprint of a credit card and storing it in a locked vault are over. Now, we have PCI (Payment Card Industry) Compliance. The PCI Standards Security Council consists of all the major card brands, banks, and processing networks involved in secure payment solutions. The Council has set specific guidelines for merchants to maintain PCI Compliance and handle card data securely. Neglecting these guidelines could result in a card data security breach, which result in fines and damages your brand. You don’t need to look far to find examples of these breaches in environments that are not PCI-compliant.
Use the Perfect Solution
When your office processes transactions where the card is present, you may also need to secure that card data for any remaining future patient responsibility. By far, the most secure way to handle this is with a gateway that uses Point to Point Encyrption (P2PE) and tokenization.
P2PE encrypts the card data at the device level, so no card data ever touches your operating system. This encrypted data is delivered and un-encrypted before it is authorized and stored in a secure vault. The merchant receives a token that can then be used for any future charges or refunds for that card holder.
This method of encryption and tokenization
has an added benefit. It removes these transactions from the scope of PCI Compliance. This means you reduce your risk, liability, and cost! Visa agrees, and will even waive its requirement to validate compliance when transactions use P2PE gateway.
Download the complete payment processing guide now!