February 15, 2022

How Credit Card on File System and Auto Pay Can Improve Your Patient Balance Collections

by
Gett Johnson

Did you know that 35 percent of your revenue is received from your patient? That’s why you must ensure a reliable and secure platform for collecting payments. A patient payment portal with a credit-card-on-file system will make it easier to collect payments promptly. It is convenient for patients and practices to automate patient balance collection. Patients can use an automated system to make and authorize payments, so they don’t miss their due dates, ever.

Despite more patients preferring to use credit-card-on-file systems, few medical practices offer them. If you’re already using e-statements and have a custom patient payment portal, you should consider credit-card-on-file to enhance your collection process. Here’s how it can benefit your practice:

Get payments faster

Card-on-file systems reduce the amount of time it takes to receive patient payments. They allow providers to charge patients the balance amount instantly. They are more effective in accelerating payments when combined with automated payment plans aka AnodynePay auto-pay.

Secure patient information

Healthcare facilities and practices can sometimes become victims of data breaches. So, it’s natural for some patients to be wary about sharing their credit card information and letting you keep it. However, a secure patient payment portal will ensure increased security by encrypting that information.

Avoid bad debt

Bad debts are among the most common problems in patient balance collection. They stretch your practice thin and may even force you to shut down and declare bankruptcy. Card-on-file systems can help increase timely patient payments to help minimize bad debt.

Increase transparency

Card-on-file brings transparency to every transaction by logging the history of every transaction done via the saved card on the payment portal. This enables patients to manage their medical bills with ease. This happens when they can view all their online payment options and medical billing information on one secure platform.

About AnodynePay

AnodynePay is a comprehensive automated digital solution to address Patient Invoices. It is focused on digitizing the patient financial journey using e-statements with automatic text or IVR call reminders, and autopay services while improving patient bill collections and improving the patient experience.

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