Get the real deal on the top 7 medical industry business challenges and some ideas on how to overcome them. These are universal healthcare industry challenges like regulatory issues, how to accept payments and send bills the most cost effectively, technology challenges and more.
Singular Payments focuses on delivering our flat rate payment processing solution direct to merchants and integrating into software with custom solutions. There are many benefits for the software users and vendors to integrate payments into the solution. Not only does processing payments with a custom flat rate inside the software solution add convenience and speed for users, but it also adds a new revenue stream for the software vendors that can add up. And with the high costs of development, this can be a huge help.
Topics: credit card processing, singular payments, payments integrations, software integration, integrate payments APIs, bill presentment and payment, singular billpay, integrating payment processing into software, payments software integration
The payments industry is constantly in motion. There are always new innovations on the horizon, even as merchants are still adapting to the last big change. We are focused on our software partner integrations, and the launch of Singular BillPAY, our customizable electronic bill presentment and payment platform (EBPP). These two main areas of our expertise, in addition to continuing to support and nurture our valued flat rate merchants, will continue to drive our focus forward as we also adapt to big changes in the industry this year. Here are some of the exciting things coming down the pipeline to keep an eye out for. Many of these will also show through in our platform which is powered by our technology partner CardConnect. So, get ready – it’s going to be a really fun year!
It’s the art of doing what you do so incredibly well that others will want to share ‘who’ you are with their family and friends. It starts with nurturing your relationships with your customers in order to grow your business. With automation and innovation rampant across all platforms these days, nurturing your database has never been more important. Take Twitter for example, or even Facebook. All it takes is making someone unhappy one time and they can flood/share their opinion to the masses and leave a lasting impression that could possibly make or break your business.
MasterCard recently announced a new fee that will be billed on a per location basis. This Location Fee will be $7.50 per location for 2016 and will be billed to your account by the end of the year. Why? Because they can. The answer is that simple. Each year the card associations meet as new regulations come down on them, to review the interchange and make “what they deem” the appropriate adjustments to keep rates, rewards and fees all in line for all parties involved.
Here at Singular Payments we know that the ‘spookiest’ thing our merchants face is a laundry list of complicated fees and rates which is why we offer just one simple flat rate. Nevertheless, if you ever stray from us we want to educate you on the latest fees you may run into – it’s a fee-fervent jungle out there so you need to be aware. And unfortunately, in order to process credit cards at your business you have to use a merchant services provider so rather than paying these charges blindly, you might as well make an effort to understand them. That way, you can dispute any costs you think are unfair or get a better understanding of what your true overhead is. Hopefully, this guide will help you do just that.
We haven’t shied away from pointing out the ins-and-outs of payment processing. We’ve touched on 10-facts SMBs need to know to Decoding payment processing lingo and more. Transparency has been the fuel behind our efforts in hopes of dispelling the very topic this post is about. Payment processing, and even more specifically, credit card processing, has become notoriously known to pad its prices and issue statements meant to confuse by design. From the lingo, to the statements, to understanding the capabilities of the technology you signed up for and more, the lack of customer service simply becomes the icing on the cake for the majority of merchants.
If your appointment log has gaps having your nurses and/or receptionist make check-up or check-in calls to patients during lag time can add up to big business. Whether you’re a new dentist or physician in the area trying to get busier or an established practice with some patients who have wondered away or failed to book follow-up appointments these follow-up calling strategies will really help fill the appointment book and build rapport with patients that can go a long way to getting new referrals too.
Credit card chargebacks are a headache for everyone involved- the merchant, the processor and the acquiring bank because the whole process has to be reversed and that costs money. To avoid getting hit with chargeback fees there are a few tactics merchants can employ to ensure customers are fully happy before they swipe to begin with. Setting up expectations on the front end saves a lot of money and hassle on the back end and lowering your overhead is the name of the game here at Singular Payments.
The patient billing revenue cycle is the biggest challenge we hear from our healthcare provider merchants and it’s easy to see why. Between chasing co-pays, deductibles and dealing with insurance company bureaucracy getting that final balance due collected can be a costly and very time consuming task for medical businesses who have overhead and bills to pay like any other business. According to a recent survey conducted by Navicure, “63 percent of healthcare business participants recognized that patient payment processes were a “high priority” for the healthcare revenue cycle.” This is to say the need to streamline and improve the efficiency of how patients pay and how bills are sent out needs to drastically improve to close the gap.