Why Accepting Credit Cards Matters for Your Practice

Because almost all transactions these days are built around speed and convenience, patients cannot help but wonder why healthcare sometimes seems a step slower. To you as a provider, those perceptions matter, especially if you manage a small practice that regularly faces cash-flow issues.  

Surveys show that providers who work primarily with traditional methods of payment like cash or checks may be putting the health of their practice at risk. A 2021 study, for example, found that 40 percent of patients are dissatisfied with their provider’s billing process. In another study, 75 percent of Americans polled said technology is helpful when working with a healthcare provider, especially as it relates to getting test results, asking medical questions, or paying their medical bills.

So, what are the key benefits of incorporating credit cards into the patient's payment process? Here are five ways accepting credit card payments can help improve both the patient’s experience and your clinic’s financial health.

1. Convenience and Accessibility

From the patient’s perspective, the main advantage of accepting credit card payments is the convenience it offers. Think of your last week as a consumer. How many times did you tap or swipe? And how many checks did you write? In an era where digital transactions reign supreme, patients expect the same level of convenience when settling their medical bills.  

2. Expedited Cash Flow

By streamlining the payment process and accelerating collections through the use of credit cards, medical practices maintain a reliable cash flow, enabling them to meet operational expenses and reinvest in the practice.  

3. Enhanced Financial Management

As mentioned above, card payments give patients an easy way to quickly pay their bill and improve the practice’s cash flow by reducing accounts receivable (AR) days, but credit cards also enhance the financial wellbeing of a practice more generally. Integrating a card processing system into financial management workflows effectively digitizes the payment tracking system, improving accuracy, making financial reporting clearer and more automated, and ultimately boosting overall financial health and efficiency.

4. Improved Patient Satisfaction

It wasn’t always true that consumers linked their satisfaction with a product or service to the ease with which they could pay for it. By dealing directly with and meeting patient expectations, you are merely providing the convenience, security, and flexibility attending every other transaction they conduct. The mistake in this scenario is to think patients might look at healthcare differently and accommodate differences. For the most part, they don’t, meaning your appreciation for how your patients regularly manage their money will convince them that you deserve their trust and loyalty.

5. Mitigation of Billing Errors and Disputes

Credit card payments offer an added layer of protection for both patients and medical practices by mitigating the risk of billing errors and disputes. Unlike cash transactions, which offer limited recourse in the event of discrepancies, credit card payments provide a digital trail that can be easily traced and reconciled.

In the rare instance of a billing error or dispute, medical practices can leverage the dispute resolution mechanisms provided by credit card companies to address an issue promptly and transparently. This proactive approach to conflict resolution fosters trust and transparency in patient-provider relationships, safeguarding the practice's reputation and minimizing the potential for costly legal disputes.

While it is tempting to narrowly view credit card payments in medical practices as a matter of convenience, the many benefits they offer extend well beyond speed and ease. Yes, credit card payments enhance the patient experience, but they also expedite collections to improve financial management, mitigate billing errors, and serve as a catalyst for growth and success in ways that most practices cannot afford to ignore.

Patient Payments, Powered by Stripe

Patient Payments, the new payment processing solution seamlessly integrated into your Service Center and Practice Mate applications, is designed with simplicity and efficiency in mind. Patient Payments enhances the transaction experience. With quick and easy implementation, competitive rates, and convenient features, managing payments has never been easier. Powered by Stripe, this budget-friendly solution optimizes financial workflows, helping your practice operate smoothly. Unlock streamlined operations and financial efficiencies with Patient Payments from Office Ally.