Chosen Payments provides credit card processing services for many medical practices such as chiropractors, periodontists, dentists, optometrists, and veterinarians who process credit cards through specialized medical practice management software.
Some of these practice management systems lock you into using a single credit card processor who has likely made a deal with your software company who shares a portion of your monthly transaction fees with your software company. This exclusive arrangement costs you money as you are now feeding one more hand in your pie without any choice. Additionally, you lose the advantage of being able to negotiate lower pricing. Your practice management software provider and their credit card processor work together to set your rates so that it works best for them. You are locked into the practice management software.
We did a comparison quote last week and we would have been able to save a medical provider more than $20,000 in a single year. However, because his software company refuses to integrate with us, over the next five years he will pay an extra $100,000 in fees that we can save him.
So, what can you do about it if you are locked into such an arrangement? You can insist that your software company share their integration codes with the processor of your choice or implement a new software package. Let’s face it, you probably love your practice management software and would never dream of implementing a new one. You can implement a “non-integrated” solution.
Two Methods of Payment Acceptance
There are two ways to accept credit card payments in your practice when you use practice management software. Integrated processing integrates with your practice management system. The second method is called non-integrated processing, and this means a little more work behind the scenes.
Integrating your payments means that your practice management system processes credit cards within the system using a card on file. This is convenient for your patients as they only have to give you their credit card once and you can keep it in a secure card storage “vault” or in the cloud if your software is cloud-based. When you charge the card on file, your software automatically posts the payment to the patient’s file. The biggest drawback to this convenience is the limitation of having a single processor that is chosen for you by your software company. Both the processor and the software company essentially hold you hostage and force you to pay the rates they set with no ability to negotiate. In our example above, that arrangement costs an extra $100,000 over five years!
If your software provider won’t play ball with the credit card processor of your choice, you still have the option to choose a different processor. It just means that you won’t use the built-in processing feature of your software. Instead, you can use a countertop credit card machine or a virtual terminal on your computer or tablet to accept payments. This will allow you to negotiate rates with any processor or use a credit card processor such as Chosen Payments who specializes in health care credit card processing. Chosen Payments has exclusively negotiated rates through trade associations in the health care industry. For a $100,000 savings, non-integrated payments should be considered. The only downside to non-integrated processing is that the payments will need to be posted manually to the patient’s file in your practice management system. You’ll need to determine if saving $20,000 a year in credit card processing fees is worth the extra time and labor. The staff time to record a non-integrated payment is minimal and the huge savings on processing fees will likely justify it.
Do you need help determining your potential savings from non-integrated processing? Chosen Payments would be happy to perform a free, no-obligation analysis for you. Call us at 855-4CHOSEN or click HERE to get started.