Collecting co-payments and deductibles continues to be a challenge for physicians and physician billers in the era of high deductible health plans. It is often difficult to know the patient’s responsibility and collect accurate payments at the time of service. In order to streamline this process, PMI provides its clients with credit card on file. Patient credit card information is taken during their visit and stored for future payments. Once the claim is submitted to the health insurer for adjudication and patient liability is determined, the credit card on file is charged. Credit card information is not stored by the physician’s office, but rather, stored and transmitted by a processor who encrypts the data and specializes in credit card security and regulations. This information is then readily available to PMI when needed.
Patients do not need to be sent a bill, but instead, are sent a notice that the balance is satisfied. Automated monthly payments can easily be made, saving patients time and making it less likely for them to miss a payment. Additionally, by collecting the accurate balance, physicians and physician billers do not have to worry about processing patient refunds due to over collections. Credit card on file truly provides an important tool in the revenue cycle management process, allowing physicians and physician billers the opportunity to collect on patient accounts in an efficient and timely manner, ultimately reducing accounts receivable.