1. Cost-Effective Check Processing
Whether you generate paper or digital invoices, your healthcare payments arrive by check. Office staff have to tie payments to invoices, prepare deposits, and travel to the bank to make the deposits. That’s a lot of overhead. Depending on your financial institution, a per item charge may be assessed for each deposited check. That doesn’t include charges resulting from a returned check.
VCI’s remote data capture (RDC) solution can eliminate those trips to the bank. With an RDC solution, you scan checks using a secure device. The device converts the check into a digitized form and forwards it to the ACH network for processing. Not only are trips to the bank eliminated, but with VCI’s proprietary platform Veer, you can also see all ACH-processed transactions and generate real-time reports. Processing payments via the ACH networks significantly reduces costs compared to processing checks or credit cards.
2. Improved Collections
Collecting healthcare payments can be a costly and time-consuming process. There’s the re-issuing of invoices, repeat collection calls, and possibly write-offs. With an ACH solution, private practitioners, hospitals, and clinics can receive payments directly from a customer’s bank account. In situations where ongoing payments are required, ACH solutions can process recurring payments without staff intervention.
Quickly and easily set up recurring payments for regular customers, and watch the system automatically request a withdrawal of the payment amount from the customer’s bank account on the scheduled day. Your staff doesn’t have to issue an invoice or chase a payment. Instead, they can work on improving the customer experience.
3. Online Payment Integration
As a healthcare provider, you may offer a patient portal. With VCI’s open rest API, online payment processing can be integrated into your online portal. Patients can access all their medical-related information and payments through a single interface. It makes for more user-friendly customer experiences. With online integration, your business can accept payments anytime, from anywhere.
4. Secure Patient Information
Using VCI’s Payment Platform, providers have access to patient and payment information. The data is stored in a compliant database on a secured web portal. No information remains local to a device, ensuring that data is only stored in a secure and compliant environment. Unauthorized access is reduced with user-specific sign-on credentials.
5. Why Use ACH for Healthcare Payments?
The automated clearing house (ACH) network is a financial network operating in the U.S. It has facilitated the processing of electronic transactions since 1974. Today, it is responsible for billions of transactions such as direct deposit of payroll checks or tax refunds. VCI solutions provide the link between a healthcare provider and the ACH network. The solutions take payer-provided information such as checks and convert it into the ACH-required format so that funds can be transferred from one account to another. As an alternative, ACH-approved forms are available for patients to complete.
If you are looking for a more cost-effective way to process healthcare payments, contact us for a free cost analysis.
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