The Smart Manager Series: How to Start a Credit Card on File Program in Your Practice

Manage My Practice is pleased to announce the first in a series of online classes for healthcare managers called “The Smart Manager Series.”

The first class will be held Friday, June 1, 2012 from 1:00 -2:00 p.m. Eastern Standard Time. The topic is “How to Start a Credit Card on File Program in Your Practice.”

This class has been developed to help managers of any experience level achieve the following objectives:

• Understand how a credit card on file program differs from traditional payment options offered by practices.
• Be able to assess the benefits of a credit card on file program for a practice.
• Learn the terminology and protocols of credit card processing.
• Compare credit card processing fees and choose a vendor based on an informed analysis.
• Utilize provided handouts to train staff and educate patients on the credit card on file program.
• Successfully implement a credit card on file program.

Managers may choose to view the class live online or as a recording at their convenience. The recording will be available for purchase at Manage My Practice starting Monday, June 5, 2012. Live or recorded purchase of this program includes the slide deck, handouts in Word format and any questions asked by participants during the recording that were not answered during the Q&A period.

Handouts include:

1. Worksheet for Credit Card on File Program Return on Investment
2. Staff Script & Role Playing Suggestions for Staff Training
3. Sample Security Policy to Comply With PCI Guidelines
4. Credit Card on File Program TImeline Worksheet
5. Credit Card Program Comparison Worksheet
6. Patient Handout #1: Information About Our Credit Card on File Program & Discontinuation of Statements
7. Patient Handout #2: What is a Deductible and How Does It Affect Me?

This one-hour class with accompanying materials is only $29.95.

To register for this class, click here.

Read on for an unsolicited letter from a client who recently started a credit card on file program in her practice:

Hi Mary Pat,
I’m just writing to let you know a few of the reasons I love credit card on file:

1.  Since we’ve given notice to our billing service, we need to protect, as much as possible, our cash flow for the transitional period.  By now being in complete control of the patient balances, we are insuring ourselves for 20-30 % of our income from now on – and the payments will start to come in over a month before we transition to in-house billing.  So we have put a defensive mechanism in place to protect our cash flow during the transition.  This is HUGE.  We may have successfully moved to patient statements ourselves, but by instead doing the credit card on file program upfront, we have removed completely the need to even start them.  And the process is being perfected now, well before the transition to in-house billing, and our cash flow is being protected.

2.  Which brings up the next thing: the office staff is slowly moving along, learning the new processes slowly and incorporating the changes into their daily routines.  We are not throwing too much at them at once.  They are grasping the concepts and they are showing a lot of confidence when they talk to patients about how the process works.  The training required for them to understand credit card on file, has given them so much more knowledge and understanding.  Both receptionists really enjoy knowing the details of insurance etc. and being able to explain them to patients on the phone.

3.  Checkout is faster because the credit card is already on file.

4.  Patients LOVE the instant email receipt.

5.  We are getting relatively few objections.  Tues and Weds went very smoothly.

6.  I feel so much more in control.  SO much, already, after just two days.

7.  And we had a patient come in who is the husband of an OB/Gyn on our floor.  His wife came in with him to say hello.  She came up to the desk, and was like, oh my goodness, I need this in my office.  I wasn’t there, but everyone told me that she was taking notes, eyes wide, and nodding her head about how much it makes sense.  It really gave our staff an extra boost to see one of their loved and respected physicians on our floor, complimenting them on the new process and saying how great it was.  They all told me how supportive and amazed she was!

I probably could go on and on, but I will leave it there, that’s quite an update!

Thank you,

M.H.

To learn how to start your own credit card on file program (for about the cost of one co-pay),  click here.