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Six steps to preventative savings for payment processing.
1Benchmark Payment Networks, USA. stanker@benchmarkpaynet.com
The Journal of Medical Practice Management : MPM
|April 22, 2011
Summary
Medical offices can save money by understanding debit versus credit card payment processing. This guide outlines six preventative steps for optimizing payment processing and reducing costs for healthcare providers.
Area of Science:
- Healthcare Administration
- Financial Management in Medicine
- Payment Processing Systems
Background:
- Over one billion credit and debit card transactions occur daily in the United States.
- A significant portion of these daily transactions take place within medical office settings nationwide.
- Effective payment processing is crucial for the financial health of medical practices.
Purpose of the Study:
- To analyze the financial impact of debit versus credit card usage in medical offices.
- To identify strategies for reducing payment processing costs for healthcare providers.
- To provide actionable steps for optimizing payment processing in medical practices.
Main Methods:
- Review of common payment processing methods used in medical offices.
- Analysis of transaction fees associated with debit and credit card payments.
- Identification of six key steps for preventative savings in payment processing.
Main Results:
- Understanding the nuances between debit and credit card processing can lead to substantial long-term savings.
- Implementing specific preventative strategies can significantly reduce overall payment processing expenditures.
- Optimized payment processing contributes directly to the financial viability of medical practices.
Conclusions:
- Medical practices can achieve significant financial benefits by strategically managing payment processing.
- The adoption of a proactive approach to payment processing is essential for cost containment.
- Implementing the outlined six steps can lead to improved financial performance in healthcare settings.
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