Card on File – The Best Kept Revenue Cycle Secret
This week Eric Anderson, Clearwave Chief Operating Officer, shares Clearwave’s best kept secret for ensuring timely and complete payment from your patients. Please watch this approximately 1 minute long video to learn how “Card on FileTM” is revolutionizing the revenue cycle.
Today, I’d like to let you handle a little secret. And the secret is credit card on file. Now, people will tell you that your patients will not agree to store their credit card with you so that you can charge it in the future. But that is simply not true.
Did you know in the year 2000 there were 40 billion checks written? Writing a check was the number one payment method with credit and debit being distant two and three. Today, it’s the exact opposite. Credit card is by far the number one payment method followed by debit and checks. Checks are way down the list as a preferred payment method in today’s world. Your patients have their credit cards stored all over the place. They have it stored at Amazon, they have it stored at Netflix, and they are having charges booked against their credit card routinely.
What we found with a customer right here in Atlanta, is we’re getting up to 70% of patients enrolling in card on file. And patients love the convenience. On average, they’re only getting a phone call from two or three patients out of every 1000 charges. Credit card on file is the key, the secret to revolutionizing the revenue cycle for your practice. And I hope you reach out to us today, so we can show you how we can quickly implement it for you. And I hope that this has been helpful. Thank you.
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