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Giving credit its due in the group practice setting. How credit cards can improve cash flow
Medical Group Management Journal
|October 6, 1991
Insights
Credit card payments enhance patient service and accelerate cash flow in healthcare billing. Accepting credit cards allows patients to settle financial obligations more quickly, improving practice revenue.
Area of Science:
- Healthcare Administration
- Financial Management in Healthcare
Background:
- The healthcare industry is increasingly focused on patient service.
- Billing processes are a critical, yet often overlooked, aspect of patient service.
- Some healthcare practice managers perceive credit card acceptance as not cost-effective.
Purpose of the Study:
- To evaluate the cost-effectiveness of credit card payments in healthcare billing.
- To explore how credit card acceptance impacts patient financial obligation resolution.
- To highlight the role of billing in enhancing overall patient service.
Main Methods:
- Analysis of practice manager perceptions regarding credit card costs.
- Assessment of the impact of credit card acceptance on cash flow.
- Evaluation of patient timeliness in resolving financial obligations with credit card options.
Main Results:
- Contrary to some beliefs, credit cards can be cost-effective for healthcare practices.
- Accepting credit cards accelerates cash flow for healthcare providers.
- Patients are enabled to resolve their financial obligations sooner when using credit cards.
Conclusions:
- Credit card payments offer a viable solution to improve healthcare billing efficiency.
- Implementing credit card acceptance can enhance patient satisfaction and financial outcomes.
- Healthcare practices should reconsider the perceived costs versus the benefits of credit card processing.
Abstract:
The health care industry is moving toward more patient service, and one aspect of service often overlooked is billing, writes Marcia Pear. Some practice managers believe credit cards aren't cost effective. In reality, they can actually accelerate cash flow and allow patients to resolve financial obligations sooner.