The cost of medical care can be substantial, which is why many patients choose to open HSA or FSA accounts in addition to carrying medical insurance coverage. These cards, which work as debit cards, are often used for copays, procedures, and other medical expenses that insurance does not cover. As a medical care provider, you should offer your patients the ability to use these forms of payment in your practice.
One reason that you need a specialized service to accept credit card payments for HSA and FSA cards is because you need to make sure that all transactions are HIPAA-compliant. This means that you need to ensure your patient’s privacy, even during financial transactions. With the right merchant service provider, you can provide private, secure payment solutions for your patients.
HSA and FSA cards are a popular payment option for patients. When you aren’t able to accept these forms of payments, customers must pay upfront, out of their own pockets, and file a claim for reimbursement, which can take weeks or months. Patients may choose to leave your practice instead of taking this more difficult approach to paying for their healthcare. You can retain more patients when you choose a merchant service provider that offers this type of payment acceptance.
The 2012 census showed that 13.5 million Americans had HSA accounts, with many others carrying FSA cards. This is a large segment of the population, and it is a number that healthcare providers cannot ignore. If your office doesn’t accept these methods of payment, now is the time to change your payment acceptance strategy.
