When it comes to patient collections, it often seems like there has to be a better way! In our Card on File Webinar, we walk medical professionals through ways the Clearwave card on file feature works, and why it may benefit your practice, hospital, or health system.
Keep reading to learn more about the Clearwave Card on File Webinar!
As co-pays and deductibles have increased, patients are paying more out of pocket for their medical expenses. Unfortunately, this increase has lead to patient reluctance when paying for medical care.
In the last decade, patient out of pocket costs for healthcare have increased by 78%.
So what can practices do? It is critical to develop a strategy to increase collections and streamline the process for patients. In 2018, Becker's Hospital Review found that streamlining the patient payment process results in a 60-80% increase in collections.
Of course, this is easier said than done. Your practice is busy, and devoting time to collections requires extra resources and staffing hours. The good news? Card on file is a simple way to streamline patient collections and optimize the process for both patients and medical entities.
The Navicure Survey from 2017 found that only 20% of providers have card on file capabilities. Of those providers who had the capabilities, very few used it consistently.
When you think of card on file, you may think of companies like:
● Apple Pay
These are only a few of the many out there, but it illustrates what card on file is. In a general sense, card on file means that you have a credit card on file that has been saved for later use. This is extremely helpful when it comes to impulse purchases made on Amazon or with Apple Pay.
The same concept can be applied to healthcare. As checks have become less popular, collecting credit card or debit information at the time of a patient’s appointment is extremely helpful in facilitating the payment process.
One of the main reasons to consider a card on file is it helps reduce overhead for your practice. It eliminates the need for statement billing and collection calls. Your staff can spend their time more productively instead of focusing on outreach to patients with an outstanding balance.
With Clearwave, card on file is very simple. It is a safe, effective way for patients to pay their medical bills. Clearwave collects a patient’s credit card information, without processing a payment, via card swipe. This information is then passed on to the credit card vendor.
How you implement card on file depends on your practice's preferences. Card on file is not a one size fits all option, and at Clearwave we have practices that implement the card on file process in different ways.
Some practices find success by asking for consent during registration. Some may even determine that they will only take patients who consent to having a card on file. This may not work for everyone, but some practices find it to be an effective strategy, finding that the benefit of being able to collect all payments is well worth it.
If a patient consents to their provider using the card on file to charge for any outstanding charges not paid by insurance, they are prompted to swipe a credit card of their choice. This allows payments to be collected easily by the practice after a claim has been submitted to the patient’s insurance provider.
With Swipe and Pay, a patient is presented with a payment screen during their kiosk experience if they have an outstanding balance. They are given the opportunity to review their balance before the amount is debited to ensure that it is correct and authorize payment.
Although both options are different, there is one constant. Once Clearwave asks for the patient's credit card, we won't ask for it again. This is the case until the credit card is no longer active.
This saves your patient's time - a common theme when it comes to working with Clearwave. One client in Atlanta found that up to 70% of their patients were enrolling in card on file and enjoying the convenience!
The biggest hurdle is often patient push back and staff being reluctant to change. It may make the most sense to pilot card on file and introduce it scaled back, at least while your staff becomes accustomed to the new process.
Want to learn more about card on file and its capabilities? Schedule a demo with Clearwave today or join us for our next Card on File Webinar for the opportunity to interact with our team and ask questions about card on file!