subject: The Key Reasons Why Taking Credit Cards May Easily Change Your Therapy Billing [print this page] Precisely How Taking Bank Cards Enhances Your Clinical Practice
Simply by picking a career as being a therapist, you may have stated to everyone that you want to help individuals. In your sessions, you shouldn't have to worry about how you're planning to get paid plus the stack of documents necessary so that you can get your payment. Getting payments from credit/debit cards reduce your chances of a high-quality patient turning out to be an economic liability who does not pay for their invoice. There are many other advantages to accepting credit cards within your practice:
1. Increase your cash flow and lower accounts receivable - getting paid today is always better than getting paid the next day, and almost everyone will believe that. However, by simply not accepting credit cards, you are deciding on to get paid in the future by invoicing and "hoping" they are going to pay off his or her invoice when it's due. By swiping their charge card following your session, you reduce the amount of time it requires to get paid and lower the accounts receivable simultaneously.
2. Exponentially increase profits - the reality is that this world is certainly going paperless with an ever-increasing rate. It's a undeniable fact that men and women will certainly commit more money when they are making use of credit cards compared to any time they are paying cash for their products and services. By accepting credit cards, you will improve your odds of customers staying in treatment and selling extra solutions. You will not hear "oh We do not have cash to cover the additional long session" as a result of limited quantity of physical cash, and protecting your off-hours disaster calls right away will certainly assist your profitability.
3. Greater confidence due to charge card logos - lots of people trust a business that accepts charge cards a lot more than ones that don't. That might not be an issue of whether or not a company is reputable or otherwise, however, if a customer sees that someone accepts credit cards then there happens to be certain assumption that this business has gone through their bank, had their financials checked out, and it is on the straight and narrow. Your own clinic could be the most trustworthy business, but a lot of younger people anticipate credit and debit cards to be accepted and are used to having a credit card instead of cash for payments.
4. Much less chance of a bad debt arising from accounts receivable - the fact is that some people forget or even decide to not pay off his or her expenses. Simply by accepting credit cards, you will lower your chance that the person these people pick to not pay off is your practice. Because you'll be receiving payment after delivery of your services, you will greatly reduce (think nearly %) chance that someone will stiff you for a expenses.
Overall, taking credit/debit cards in your therapy practice is a great decision. The elevated income by itself will pay for any costs the charge card services will charge, not forgetting the reduced mail and stationary costs of sending numerous bills. It really turns into a no-brainer when individuals trust anyone more and your receive payment at time of service.
Should you not have the capability of accepting cards right now, we want to show you that integrated charge card processing has become a feature of the Automated Medical Assistant online therapy billing solution. Read a little more about this here.
The Key Reasons Why Taking Credit Cards May Easily Change Your Therapy Billing
