The Biggest Payment Challenges in Health and Wellness
As costs increase and compliance issues become ever more complex, health and wellness businesses are overwhelmed with administrative duties. Health and wellness practitioners are spending an increasing amount of time collecting payments, adapting to new payment structures, and creating models to meet the needs of a varied patient population.
Below are some of the biggest payment challenges facing the industry.
- Flexible payment structures are the new norm – To accommodate patient’s needs and circumstances, health providers have devised creative and flexible options. Examples include offering internal financing, monthly auto-payments, or payment through a Health Savings Account. These payment methods all require an adaptive credit card system to keep track of payments and appointments.
- Clients are everywhere – Health and wellness practitioners are no longer confined to the office and are now meeting prospects and clients at trade shows, exhibits, and networking functions. Your system should be able to allow clients the choice to pay for services on the spot. For example, you could offer a discounted “show special” for upfront payments.
- High Deductibles – As more patients and clients sign up for health insurance, many are choosing plans with higher deductibles to minimize monthly costs. Unfortunately, many patients are unprepared to pay even the deductible expenses. This puts the provider in the position of being a lender, having to negotiate payment terms, maintain follow-up systems, and even comply with consumer lending procedures.
- Security Concerns – Patient data can be compromised at any point in the payment process, and it’s essential that your payment processor is both PCI and HIPAA compliant. Changing technology, such as EMV chips, ensure an extra layer of protection, but nothing is failsafe. If you’re not implementing system-wide security precautions, your clients will take notice.
You don’t want to spend your time troubleshooting payment and compliance problems. By working with a trusted payment partner familiar with the health and wellness field, you can invest more time in your clients and patients. Evolving technology, such as the recent mandate to secure EMV-compliant terminals, offers an opportunity to make sure your practice is compliant across the board. For a free assessment, contact us.