Therapy billing has changed drastically over the last decade. In the past, therapists rarely accepted insurance, only took checks for payment, and did not have to worry about complex billing processes. Now, in 2021, mental health providers everywhere face a much more complicated financial structure within their organization. In the present day, more insurance companies are covering mental health services than ever before, digital billing has taken over paper claims, and providers are utilizing credit card processing. As the industry transitions to a fully digital format for therapy billing, providers need the right tools for credit card processing to keep their client’s content. Keep reading to learn the role of credit card processing in therapy billing now, in 2021.
Why Clients Want Credit Card Payment Processing:
Individuals use their credit cards to pay for everything. Providers would be pressed to find those who still carry their check book or cash on hand. They use it to buy their groceries, to buy girl scout cookies, to pay their utility bills, and even to pay their mortgage. The financial landscape has changed across all industries and therapists need to make sure they are keeping up. Client’s want credit card processing because it is a convenient way to collect payments for services they utilize. They are quick, accurate, trackable in their bank account, and secure.
How it Can Improve Your Therapy Billing:
Collect More Payments
With credit card processing in therapy billing, you will collect more payments from clients coming in and out of your office. The right system can help you process payments at the time of the visit, over the phone, or even through an individual’s client portal. With more options for payment processing clients are more likely to pay their bills. If a client is expected to pay by check, there is feasible that there would be a gap between the time of the visit and when you actually get paid for the services you rendered.
Increase Payment Options
Clients love options. Options give individuals the autonomy to choose what is most convenient or relevant to their life. For clients who still pay by check, they should still have that option available to them. But for the rest of your client base, digital options are expected to make more sense. Give your clients as many payment options as possible if you want to collect more payments and grow your bottom line.
Improve Client Satisfaction:
While you cannot give clients every single thing they want, credit card processing for therapy billing is a great way to improve satisfaction. In today’s world, even mental health care must approach client satisfaction with a consumer-driven mindset. This means looking at your clients like customers who have certain expectations for how your business should function. Credit card processing is an easy and effective way to increase client satisfaction in a way that does not distract from their care.
Save and Store Data for Future Payments:
The instinct of most mental health providers is to utilize a third-party processing system to manage credit card payments. This is not the best way to method. The right therapy billing system will take it
one step further and make processing client payments even more simple. By utilizing a vetted therapy billing system, your credit card payments will be integrated directly into your scheduling and claims management system. This therapy billing feature streamlines your workflow process while helping you collect more payments. Security is the top priority in systems like this, enabling you to safely store payment options for future appointments. This simplifies how you collect client payments.
Comprehensive In-App Reporting
Your therapy billing software should empower you to access in-app reporting that is wildly comprehensive. With this feature, therapists can view their practice financials and understand their therapy billing better than in the past. With reporting tools such as this, you can better prepare your bottom line and grow your organization.
Credit card processing for therapy billing will save you money if you choose the right vendor. Some therapy billing companies will charge you an arm and a leg in monthly fees or transaction costs. The best vendor will not nickel and dime you into losing money through digital payments. Make sure to consider this when choosing the right partner.
Comprehensive credit card processing systems for therapy billing will empower providers to grow their bottom line, make their clients happy, and grow as an organization.