• Sign in
  •   
  • Talk to Sales
  •   
  • Telehealth
  • Solutions
      • Who We Serve




      • Special Solution




  • Platforms
      • PRODUCT




      • Features ( What We Offer )




  • Resources
    •   Blog
    •   Vozo Support
    •   Webinar
    •   Training Video
  • Company
      • PARTNERS & AFFILIATE




      • Who We Serve
  • Pricing

Get Ready!

We’ll be up and running soon with our new and awesome products. Don’t miss to try Vozo EHR, the all-in-one EHR software for your practice. Sign up now to get early access to our free trial.

PAYMENT PROCESSING

3 Crucial Payment Processing Challenges To Look For In 2021

October 4, 2021 33 Comments Medical Billing
Facebook Twitter Instagram Mail

Payment processing is a complex challenge for all businesses, but for healthcare providers, processing patient payments can be especially difficult. In addition to navigating the nuances of connectivity, hardware, and contracts, among other issues, healthcare providers face several unique obstacles to payment processing.

1. Protecting Patient Data During Financial Transactions

The most important of these is protecting patient data through HIPAA compliance. As a healthcare provider you are almost certainly familiar with requirements and strategies to prevent breaches/exposure of Protected Health Information (PHI), but your payment processing partner(s) may not be up to date on the latest compliance measures. Because healthcare data breaches carry heavy penalties and have the potential to damage your reputation with patients, it’s critical to verify that all of the vendors supporting your payments infrastructure are both PCI and HIPAA compliant.

2. Patients Pay at Different Times and With Different Methods

Unlike in most retail transactions, patients are not necessarily required to make a payment at the time of service. In fact, due to the complicated insurance reimbursement environment, it takes many providers more than a month to collect payment from the patient in one form or another.

Coupled with the recent increase in high deductible health plans, this means patients must often wait for weeks for their statement of charges while the provider waits for the insurance company to pay its negotiated amount for the care the patient received.

In order to accommodate this challenge, many providers offer payment plans, financing options, credit card on file (CCOF), and early payment discounts. For these features to work, they must integrate with the payment processing solution as well as track and update the transaction data. Managing all of these components at the time of patient access can be difficult if each has to be managed separately.

Furthermore, providers often have to issue refunds or make billing adjustments due to issues with reimbursement, negotiations with patient advocates, or standard documentation errors. If a patient pays with a special Health Savings Account or Flexible Spending Account HSA/FSA card, a refund must be issued as a credit to that account and not simply a cash payment. HSA/FSA cards are special government-approved accounts that can only be used for eligible healthcare expenses. Without a healthcare-specific payment processing solution, your employees risk violating these regulations.

3. Posting Patient Transaction Data Back to Your EHR/PM Software

In the patient payment process, your EHR/PM software is where the clinical documentation of treatment converts to a list of charges to the patient for the treatment he or she received. While most EHR/PM software is capable of calculating what the patient owes, most do not have the capability to process the actual payment so the processing must be done using a separate solution.

RELATED: 5 Stunning Benefits Of EHR Integrated Practice Management

As a result, once the payment is collected and processed, the patient’s balance must be updated in their EHR/PM account. Providers who are not tracking and tagging each patient transaction may find it difficult or time-consuming to post each transaction back to the patient account.

So, if you are practice is searching for best medical billing solutions , Vozo will be the best choice for you. To learn more about a Vozo medical billing software reach us today.

  • Popular
  • BIG DATA DRIVEN TELEMEDICINE How Big Data Driven Telemedicine Is Reshaping 2021 Healthcare? 1 view
  • Mental Health hidden costs New Patient Inquiries: Mental Health EHR’s hidden costs in coping prospective patients 1 view
  • CLINICAL DOCUMENTATION Clinical Documentation: Is AI Voice Assistants Growing? 1 view
  • 6 Pro Practice Management Software Features: Top Tools In 2022 1 view
  • payment posting Why Is Accurate Payment Posting Important In RCM? 1 view
  • Top 8 Challenges In Improving Patient Engagement Patient Engagement: How To Make Patient Experience Valuable? 1 view
  • Must Do Insurance Eligibility Verification Steps 5 Must Do Insurance Eligibility Verification Steps 1 view
  • EHR Software Cost: How To Set Your Budget In 2022? 1 view
  • A Smart Guide To Electronic Superbills In 2022 1 view
  • 5 Best Practices For Effective Health Data Management 5 Best Practices For Effective Health Data Management 1 view

Tags

Medical Billing

Call us : (571) 213-3245

Email us :  info@vozo.xyz

Facebook Twitter Youtube Linkedin

Who we serve

  • Provider
  • Patient
  • Government
  • Not For Profit
  • Research & Academics

What we serve

  • Telemedicine
  • Chronic Care Management
  • Medical library
  • Interoperability
  • Remote Patient Monitoring

Platforms

  • Electronic Health Records
  • Practice management
  • Revenue Cycle Management
  • Patient Portal
  • Medical Biling

Features

  • Integrated labs
  • E-Prescribing
  • Patient group
  • Quick Onboarding
  • Advanced dashboards

Resources

  • Blog Space
  • Vozo Support
  • Webinar
  • Training Video

Company

  • About Us

Patners & Affiliate

  • Become a Partner
  • Affiliate Program
  • Refer a Colleague
  • API Developer

Pricing

Call us : (571) 213-3245

Email us :  info@vozo.xyz

                    
Who we serve
  • Provider
  • Patient
  • Government
  • Not for profit
  • Research & Academics
What we serve
  • Chronic Care Management
  • Medical library
  • Interoperability
Platforms
  • Electronic Health Records
  • Practice management
  • Revenue Cycle Management
  • Patient Portal
  • Medical Biling
Features
  • Integrated labs
  • E-Prescribing
  • Patient group
  • Quick Onboarding
  • Advanced dashboards
Resources
  • Blog space
  • Vozo Support
  • Webinar
  • Training Video
Company
  • About Us
Partners & Affiliate
  • Become a Parner
  • Affiliate Program
  • Refer a Colleague
  • API Developer
Pricing
© Copyright 2020. All Rights Reserved
  • logo-dark-vozo
  • logo-dark-vozo
  • logo-dark-vozo
  • logo-dark-vozo