Operating healthcare facilities requires that you are able to get payment from patients in their preferred method. Why? Because it makes it simple to actually get paid as well as provides a better customer experience for your patients. Whether they’d like to pay in person, through an employee portal, or some other method, having the right healthcare payment platform can make this process easy and simple. But what’s the right platform for you? Here’s our breakdown of some of the top platforms in the market right now.

What is a Healthcare Payment Platform?

To put it simply, a healthcare payment platform is a software solution that allows healthcare facilities to take payments whether at the counter or desk, a patient portal, by phone, or by other means. These platforms often allow payment from various methods such as credit cards, debit cards, ACH transfers, cash, checks, and even digital wallets. These systems can sometimes be connected to an EHR platform or practice management software.

How it Works

Healthcare platforms help in several different ways. Specifically, they handle the communication between the bank, the patient, and the health care provider. Providing ease of access and simplicity for both the patient and the provider. Some of the common healthcare payment platform services they provide are:

1. Bill generation services. This means that the payment platform will lay out the cost for the visit.
2. Payment processing. This is where the transaction occurs and a patient is able to pay a provider by their preferred method.
3. Payment alerts. A payment platform may alert patients to pay their bills on time or make a payment for care.
4. Confirmation of payment. The software may send out a confirmation notice that payment has been received from the Bank of the patient.
5. Record keeping. The software may act as a record keeper of finances or allow for the exportation of that data into other finance software.

Benefits of Healthcare Payment Platforms

Healthcare payment platforms are vital because they have many different problems with how to receive payment after services are rendered. They offer critical benefits such as:

• Convenience for patients to be able to pay their bills on-site as well as online in patient portals. This makes it easy for patients to pay for care even while they are on the go.

• The payment process is often automated. The software usually has set-up methods to facilitate the transfer of money between the merchant and the provider. There’s not a manual need to process the payment. Payment can be taken online 24/7.

• Healthcare payment providers are also often HIPAA compliant or it can become HIPAA compliant. Meaning that hospitals won’t expose themselves, and patient confidentiality is protected.

• Providers can see payments in real time, which helps them keep track of unpaid amounts and quickly follow up on payments that are past due.

• Easily automate sending bills to patients over email/text and take payment through the patient portal. This can help make sure you get paid as well as automate time wasters.

• These software solutions can often provide real-time insights into payments outstanding balances, and how your cash flow is doing. If need be, you can then also export this data to other third-party software. This integration helps reduce errors and provides a more up-to-date bookkeeping method. With healthcare payment platforms, you can have better financial planning and make better decisions based on factual data.

To 5 Healthcare Payment Platforms

Square

Many customers are already familiar with Square because they are often used in the restaurant industry, and are one of the biggest payment processors. To start square does meet for compliance and supports most payment options whether that be credit card, debit card, Apple Pay, or some other form of payment. You can take payments online, through their POS application, or buy a physical POS device from them if you would prefer that.

Pros:

• Easy to set up and use
• HIPAA Compliance
• Accepts FSA & HSA cards
• Integration with practice management and electronic medical record systems
• Customers are already familiar with Square
• Invoice by mail and text by looking up patient information

Cons:

• Transaction fees can become pricey for high-volume clients
• Not a fully customizable system

Pricing:

The processing fee is 2.6% + 10 cents per in-person card transaction.

Stax

Stax it’s essentially an all-in-one platform that supports in-person, online, and even mobile payments for businesses and healthcare providers. The software offers a subscription-based pricing model that gives you access to reporting tools, the ability to complete transactions, and customer records, as well as the ability to that’s for or integrate other financial tools. Stax allows customizable invoicing tools and makes it easy to set up payment plans for patients who have a higher balance to pay down. Stax is also HIPAA compliant and PCI compliant. Additionally, they are able to integrate with electronic medical and health records, which makes it one of the best healthcare payment platforms.

Pros:

• Track trends like common products or services with ease
• Be able to see and manage customer records, payment history, and more all in one location.
• Manage deposits with one click

Cons:

• Subscription fees can feel convoluted when trying to figure out pricing

Pricing:

Chase Payment Solutions

Chase is one of the largest banking entities in the world. As such, they offer a robust and comprehensive payment solution that handles multiple types of payment methods. This includes in-person, online, and mobile payments. If you already bank with Chase, this can be a fantastic option for you as there is seamless integration with Chase business banking services. You can view financial data, manage your credit cards, and see the health of your healthcare facility all with one platform. Chase Payment Solutions is also HIPAA compliant and offers you the ability to provide e-statements for billing.

Pros:

• Combine payment solutions and business banking services
• Same-day deposits so you can get paid any day you like
• Strong security and fraud protection
• POS terminal available as well as payment through mobile application on iPhone

Cons:

• May not be the right fit if you don’t already work with Chase bank

Pricing:

Custom pricing is dependent on what you need.

Payment Cloud

Payment Cloud may not be one of the bigger companies on this list, however, that doesn’t mean that they don’t bring a lot to the table. Like others on this list, they offer payment methods online, in person, over the phone, and other methods. One of the unique benefits of Payment Cloud is that it has healthcare-specific support and knowledge to help healthcare facilities simplify their financials. They offer 24/7 support for their clients along with fraud protection services to prevent data theft.

Pros:

• Can take multiple payment types if that’s only what you need.
• Strong focus on security and fraud prevention
• Dedicated 24/7 customer support

Cons:

• Smaller company than others on this list and not as comprehensive.

Pricing:

Custom quotes for pricing.

Helcim

Healthcare providers can accept payments through Helcim via in-person, online, and mobile channels. With Interchange Plus, there are no hidden fees or monthly charges on the platform. Helcim offers PCI compliance, data encryption, tokenization, and secure card vaults to ensure its customers’ security. Furthermore, it offers comprehensive business tools like invoicing, recurring billing, virtual terminals, and customer management. Helciim says that practices and providers save about 25% when switching payment providers.

Pros:

• Helcim has experience working across different healthcare sectors like mental health, dentistry, and optometrists
• Strong security features and PCI compliance
• Can pass on the fee payment to the customer when they use a credit card

Cons:

• Some advanced features may require a learning curve for new users

Pricing:

Rates for usage are typically around 1.01% + 8¢ per transaction. However, you can use their calculator to get a more accurate reading of what you’ll owe for your transactions. 

Need a Medical Billing Partner?

Are you looking for a medical billing company that can help you with billing needs, don’t worry, we’ve got you covered. At 360Connect, we help companies find high-quality medical billers every day. Just fill out our 1-2 minute form and we’ll contact you to verify your needs and information. From there, up to 5 suppliers will reach out with quotes! This process is simple and free to use.

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