Choosing The Right Healthcare Payment Solutions For Your Practice

Managing payments effectively is one of the most important factors for running a successful therapy practice. Yet most of the therapists find it hard to seamlessly collect and process payments for the service provided. It is really frustrating when you have to chase the clients to pay for the sessions. It disrupts your practice’s cash flow, affects the revenue cycle and can disrupt your financial wellbeing.

So how do you ensure smooth payment processing while remaining HIPPA compliant? It is by choosing the right payment softwares for healthcare.

In this blog, we will discuss how choosing the right payment gateway can simplify payment processing and compare 4 key players in this market.

Key Takeaways

• Having diverse payment modes (credit cards, debit cards, online transfers) can help to simplify payment collection.
• Not processing payments can lead to a lot of backlogs that will affect your cash flow.
• Not all payment softwares for healthcare are HIPPA compliant. Choosing the one that is HIPPA-compliant is mandatory as it secures confidential client data.

Why HIPAA Compliance Matters for Payment Gateways? 

Let us look at how prioritizing HIPAA compliance can protect patients and practices alike in this section.

Safeguards Confidential Client Data

The risk of digitizing therapy practices is data breach. Sensitive client data are prone to security attacks, invading their personal space. Even recently, thousands of patient therapy sessions and PIIs have been prone to cyber-attacks. Therefore, therapists should only choose HIPAA-compliant payment software for their healthcare practice.

HIPAA-compliant platforms secure confidential client information by safeguarding against unauthorized access. They have stringent data security measures that can prevent data theft and malware attacks.

Prevents Practice from Non – compliance Risks 

Using payment gateways that are not HIPAA compliant is a serious case of non-compliance that can lead to severe repercussions. This includes fines ranging up to $50,000 and legal accusations. It will affect your practice’s reputation, severely affecting the operations. This can erode client trust and cause irreversible financial loss to your practice.

Boosts Operational Efficiency 

Choosing the right healthcare payment solution can significantly improve operational efficiency. It can be readily integrated with your existing practice management software, reducing administrative workload. You can raise invoices for the services offered, request & track client payments, and document them all within a single portal.

Want to offload your work and make more time for your clients? Switch to TherapyPM today, an initiative practice management software built keeping the needs of therapists in mind. You can integrate payment gateways and seamlessly run your practice with no worry.

Contact us to know more.

Comparing Top 4 Payment Softwares for Healthcare

Paystri, Stripe, IvyPay, and Square are the top four payment softwares for healthcare providers in the US. Let us compare these top 4 payment solutions and understand them better.

Tips to Choose The Right Healthcare Payment Solutions 

Be it small clinics or an established therapy practice, choosing the right payment software for healthcare practice is crucial. The following tips will be helpful in choosing the right one:

• Select the payment software that is completely HIPAA-compliant. Even if other features are promising, do not compromise and select the one that isn’t completely HIPAA compliant.
• Check if the transaction fees and set-up costs are transparent. Check if there are any hidden charges, as they can surprise you at the last minute.
• Choose the software that seamlessly integrates with your practice management tool. This helps to reduce a lot of manual work.
• Check if the platform has flexible payment options. Users should be given multiple options to pay with, such as credit cards, debit cards, online transactions, etc. This ensures ease of payment collection and avoids delays.
• Ensure that there is a 24/7 support team to assist you in case of need. Downtimes will create more problems for your practice. So, there should be a team readily available to resolve the issues at crucial times.
• Select the payment software that is scalable. As your practice grows, you will have more patients visiting you, which translates to higher transaction volumes. The platform should be able to accommodate them and adapt to your growing needs.
• Understand the needs of your team and select the one that fits them. If you have novice people handling the payment software, select the one that is more user-friendly and less complicated to use.

Final Words

Missing payments from clients is a nightmare. It will surely put the practice in a complicated financial position. Being constantly worried about missing payments will definitely add a lot of stress for you and your team.

With the right payment gateway, you can automate payments and provide multiple options for the clients to pay on time. All the payment details will be automatically recorded, so you don’t have to track them individually. And don’t forget to select the one that is completely HIPAA compliant.

Partner with the right payment gateway and let your practice financially thrive!