Managing payments is crucial for both providers and patients. Patients are responsible for keeping track of expenses and meeting deadlines for services. Healthcare providers use a wide range of payment methods to allow patients to stay on track and successfully pay for their treatment and services.

One way to streamline payment procedures is with card on file payments. These systems can store a patient’s payment information so providers can use the details again later. A credit card on file policy for medical offices can increase efficiency and simplify payment structures, making it more likely that patients will meet billing deadlines.

Discover how to offer card on file payments to patients and their benefits.

What Are Card on File Payments and How Do They Work?

Card on file payments are streamlined payment processes. They occur when cardholders permit service providers to store their credit card details for future charges. Patients or customers can give permission by filling out an online form, giving card details in person or other methods. Because providers have the credit card information on file, they can use the details for later payments.

You can use credit card on file agreements for a wide range of transactions, including:

• Monthly installments: Many consumers and patients choose to break payments into monthly installments, especially when the overall cost is too much to pay at one time. Patients may work with providers to set fixed payment amounts for a specific period, or providers can offer this financing option and set the terms. With a card on file payment, the provider could instantly charge the patient’s card each month. 
• Delayed fees: These fees occur after a transaction is completed. For example, a patient might have to pay additional payments for fines or service upgrades. A credit card on file agreement allows service providers to automatically collect these extra fees.
• No-show or cancellation costs: Most healthcare facilities have cancellation and no-show policies in place. If a patient doesn’t cancel by a certain time or doesn’t arrive at the appointment at all, they might get charged for their absence. Specific card on file agreements can help providers collect these fees automatically and discourage no-shows.
• Recurring fees: Recurring fees occur at specific intervals, usually for an ongoing service or subscription. With the authorization to keep a credit card on file, service providers can manage recurring expenses for patients and consumers.

Patients at healthcare practices could use a credit card to pay for an initial appointment. As they fill out paperwork, your facility might ask them to record their payment information for future appointments. After the patient authorizes this, your healthcare facility can automatically charge the patient with the same credit card for other expenses.

Providers need to follow credit card on file laws, such as only using the card if it’s authorized by a patient. The payment card industry (PCI) compliance standards further cover how practices should approach cardholder data. Overall, card on file agreements allow providers to receive timely and consistent payments from their patients and consumers.

Benefits of Card on File Payments for Healthcare Patients

By implementing card on file options, you can benefit both your facility and patients. Navigating healthcare costs can be overwhelming for patients. From remembering deadlines to understanding fees, keeping up with regular payments can seem challenging. 

Card on file payments can help patients manage their healthcare costs and gain these benefits:

• Saves time: Many payment procedures in healthcare can be time consuming. Manual paperwork processes can extend or complicate payments for patients. By authorizing providers to keep their card on file, patients can streamline manual methods and instantly keep up with recurring expenses. 
• Reduces late payments: Late payments are challenging for both patients and healthcare providers. If patients fail to meet deadlines, they might be charged late fees. Whether they miss payments due to financial reasons or because they forget, missed payments can make it more challenging to receive healthcare services. Card on file agreements can automatically complete payments for patients, reducing the possibility of missed fees.
• Improves security measures: Card on file payments can ensure a secure transaction. These services are handled by high-quality, encrypted measures that secure credit card details. Patients can feel at ease knowing their information is safe during all transactions.

Benefits of Card on File Payments for Healthcare Providers

Healthcare practices rely on consistent payments from patients. If patients don’t pay for their appointments, treatments and prescriptions, facilities can’t provide quality care. Card on file agreements make it easier for healthcare providers to manage payments and collect them at the right time.

Improve Patient Payments With Millennia’s Real Time Analytics

Here are other benefits of having a credit card on file for medical offices:

• Maintain consistent payments: On-file solutions keep payment methods as simple as possible. In turn, patients are more likely to meet important deadlines and keep facility’s revenue cycles consistent. And if you initiate automatic collections, these can increase the rate of consistent payments. Overall, card on file payments can help providers stay on track for financial goals and maintain high-quality care.
• Enhance efficiency: Digital, streamlined card on file payments can eliminate paperwork and the need for checks or cash. Instead, providers can manage payments on digital, easy-to-use interfaces that speed up cost procedures. In turn, providers can meet with patients sooner without the roadblocks of complicated payments or long wait times.
• Improve retention rates: Easily navigable payment procedures can improve patient satisfaction. The happier your patients are, the more likely they are to return. Every element in a patient’s experience is important for overall satisfaction, and offering high-quality service throughout these steps helps you establish yourself as a leading provider.

Millennia Helps Your Practice Implement a Card on File Policy

At Millennia, we understand the importance of creating enhanced patient journeys. Everything from patient intake to completing a payment impacts how a patient feels about your services. Having a credit card on file policy at a medical office can streamline manual procedures and improve their satisfaction.

Millennia focuses on end-to-end solutions that create a unified patient journey. You can integrate our digital solutions with your existing systems to create a comprehensive, patient-centric approach in your healthcare facility. The result helps your practice boost digital engagement, increase revenue and offer an improved patient journey.

Streamline the non-clinical side of your practice with our digital solutions. Pre-arrival Module  digitizes the entire intake and engagement process, from patient intake to when they complete a final questionnaire. Millennia Patient Payment Solution  focuses on payment processes, promoting on-time and up-front payments. Features like an online payment portal and MobilePay allow patients to make PCI-compliant payments with the card on file in one click.

Want a comprehensive solution that covers everything from pre- to post-visit? Millennia Patient Payment Solution combines the features of Pre-arrival Module and Millennia Patient Payment Solution to create a unified patient journey. 

Learn About Millennia’s Digital Payment Options

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Millennia can help you upgrade your services and improve patient journeys. To get started with Millennia, request a consultation today.