Your patients are already used to making electronic payments for a variety of products and services, so it only makes sense for your medical facility to offer an option for online payments, too.
Practice management software can help you streamline your communication and scheduling processes. A payment module can likewise improve the way your patients pay for your services. By bringing the two tools together, you can revolutionize the way that you do business and interact with patients.
Here are 6 ways that an online patient payment solution can benefit your medical practice.
1. Save Time
Practice management software allows you to streamline a variety of administrative processes. A payment module can complement these features by helping your practice to accept payments quickly and easily.
With the right software, you can make the entire payment process fast and easy. You can:
- Send electronic invoices to patients via email and text message
- Automatically match invoices to patient records
- Store invoices and transactions with patient records
- Manage outstanding bills
- Track sales commissions
Because all of these tasks can be handled through a centralized software platform, your office staff can save time and reduce errors associated with manual entry.
Sending an electronic invoice can even help you get paid faster. Having access to cash flow can provide you with the working capital that you need to run your business or invest in your future.
2. Offer Flexible Payment Options
What kind of payment methods do your patients prefer? Support them all! With a payment module, you’ll be able to offer a variety of options, such as:
- Credit cards
- Debit cards
- Gift cards
- Contactless NFC payments
- Card-on-file payments
- Rewards points
Your payment module can work in concert with a point-of-sale (POS) device, which can make the checkout process fast and easy. It can also make your medical practice look more professional when accepting in-person payments.
A barcode scanner can even help you add additional products and services to the patient’s invoice, which can make it easier to offer revenue-creating items to your patients during check-out.
Not only is this helpful in processing electronic payments, but when you run these transactions through a centralized system, you’ll be able to set up future and recurring payments.
Set up a payment plan or subscription service, depending on the needs of your practice and your patient. The automated features eliminate the awkward hassle of contacting your patients for payments.
3. Increase Your Revenue
A payment module won’t just help you process existing payments; it can also help you build your practice and increase your overall revenue. How? Your POS system can put your additional revenue-building items literally at your fingertips, allowing you to offer gift cards, sales packages, and recurring services during the check-out process.
This means that it will be easier than ever for your staff to offer these revenue-generating products and services when your patients check out. And with a barcode scanner, you can effortlessly add these additional items to your patient’s invoice, simplifying the entire process.
Patients will appreciate the chance to take advantage of a recurring subscription service. This can help your practice to secure a long-term patient while offering a discount when they pay upfront for services.
4. Manage Your Inventory
Does your medical practice stock certain retail items or consumable products? This is especially common for certain types of medical spas and aesthetic centers. A POS system can help you keep track of your inventory.
Every time you sell an item, the software will automatically deduct the appropriate quantity from your inventory totals. The software likewise integrates with your invoicing system, automatically updating your inventory data when you make a sale.
The advantage is obvious – you’ll be better able to track your sales data and keep track of the number of products in your inventory. Your software system can provide you with a better idea of when to reorder your inventory. It can also let you know whether certain items are simply not selling, prompting you to switch to an alternative product or solution.
5. Protect Your Valuable Data
Understandably, many medical providers are concerned about the risk of fraud. But the POS system provided by PatientNow can meet all PCI and HIPAA regulations, offering you the ability to accept electronic payments without risking your sensitive financial or medical data.
Your patients won’t have to worry about security, whether they swipe their card in person or keep their card on file with your front office.
6. Analyze Your Financial Performance
Practice management software makes it easy to analyze every aspect of your medical practice, helping you to identify trends and patterns so that you can make changes as needed along the way.
A payment module is particularly useful in tracking transactions and financial information. Authorized users can access this data from any device. You can generate financial reports on the fly or on a scheduled basis.
Additionally, you can analyze each transaction on a per-patient basis. This means that you’ll be able to review details such as:
- How long each patient has been with your practice
- How much money your patient has spent
- How many referrals you’ve gained from each patient
The financial insight you gain from this software can help you manage your cash flow, and payroll or invest in future expansion projects.
These reports can also be valuable for investors or a board of directors, validating the success of your medical practice.
Earn More with PatientNow
PatientNow has already helped countless medical practices to change the ways they manage their processes and provide superior-quality patient care. Users can rely on our tools to schedule appointments, communicate with patients, and integrate with labs and pharmacies.
The RxPayments Module provides all of the benefits we’ve shown above, as well as the features provided by the core PatientNow practice management software. Sign up today for a free demo, and you’ll see how our innovative system can help you earn more while enhancing the lives of your patients.