Many patients prefer to use a credit card to pay bills and co-pays. In addition, payments from health plans may be done using virtual credit cards. Following is a list of questions to ask and factors practices should consider when assessing whether to accept credit card payments or if they are considering changing vendors.
Review all potential fees, including:
Find out what the company will charge for other services such as:
Perhaps the most important number is known as the “effective rate.” This number is calculated by looking at a monthly statement and totaling all fees and other charges paid to the company then dividing that number by the total collected in payments that month. (Since this can be determined only by an existing client, ask colleagues about their credit card vendors.) The effective rate will vary each month depending on factors such as the mix of cards (basic, Rewards,...