Reduce A/R aging balances, improve cash flow, and provide a better patient experience with recurring payments.
In times of financial uncertainty, patients may not be able to make full payments at time of service. Since you need funding to move forward a keep your practice functioning, you need to collect patient payments. An option that can work for both of you is setting up a payment plan with a card on file to break the payments up into smaller chunks for your patients and to make sure payments are coming in regularly to your practice.
When it’s time to bill your patients, you want to manage the process simply and efficiently. When it’s time for patients to pay, they want that experience to be easy, free, and transparent.
Payment Processing Integration Enables Recurring Payments
Recurring payments allow payment for goods and services over time with a single payment authorization. Recurring payments structure a payment relationship between you and your patient on an ongoing basis: weekly, monthly, quarterly or annually. You’re free to spread out equal payments in whatever arrangement is most convenient for your practice.
Recurring payments can be set up with credit cards and debit cards. With a credit card processing system that is integrated with your practice management solution you can set up this automation which will simplify the whole process of manually managing billing and payments. This will allow you to put more focus into providing patient care.
Recurring payment transactions are processed the same as regular transactions, except that they’re pre-scheduled and pre-authorized by the customer. Funds reach your business account quickly and—most importantly—on a scheduled basis. That predictability makes planning easier for both everyday expenses and the investments need to grow your practice.
Recurring Payments Elevate Customer Service
Smart practices of every type are coming to the conclusion that the ability to make payments automatically is the new consumer normal. Today, asking your patients to repeatedly enter the same payment and contact data is a classic case of unnecessary and potentially damaging friction.
Smart and responsive practices are rapidly adopting recurring payment solutions as a proactive upgrade to their ability to deliver exceptional customer service. Offering recurring payment options shows that you’re adapting to their evolving expectations. That’s service that can help strengthen relationships with your patients.
Recurring Payments Streamline Operations
No one wants to spend their days with billing operations. But billing is a necessary means to the important end of getting paid. Billing and accounts receivable are operations that can quickly add complexity and cost if not managed properly.
Billing operations should be as simple and streamlined as possible. Late payments are classic friction for practices that can quickly throw budgets off track. Managing manual payments represents an ongoing hassle and expense for businesses even in the best case.
Recurring payments help streamline operations and reduce friction for both you and your customers. When your customers think of your practice those thoughts should be about satisfaction and delight—not about payment hassles.
Recurring Payments in Dentrix?
Dentrix Pay is integrated with the Dentrix Payment Agreement Manager to allow you to secure future payments before customers leave the office. This allows you to set up plans that process payments automatically, based on the agreed upon payment scheduled. It also eliminates the hassle of collecting outstanding balances after the customer has left the office. As a result, you collect faster and have smaller outstanding A/R balances.
Click here to watch the video and learn how to set up recurring payments.
Dentrix Pay is available to any Dentrix customer using version G7.2 or higher. PowerPayLE EMV continues to be the payment processing option for customers on version G5.2 to G6.5.
Dentrix Pay is backed by Worldpay, one of the world’s leading credit card processors. Connect with one of our payments experts today to learn how easy it is to set up recurring payments for your practice. For more information about Dentrix Pay, visit Dentrix.com/Pay or call 844.918.0210.
Originally published in the Dentrix eNewsletter, September 2019