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New Payment Trends in the Medical Sector
If you’re a physician, odds are, your credit card processing suite is receiving a lot of action these days. Patients, unable to afford co-payments or other out of pocket expenses, are turning to their credit cards. This is resulting in a growing number of doctors around the country updating their business credit card processing networks who are seeking to keep up with this new trend.
According to CNN, Americans spend close to $300 billion every year on out of pocket medical costs. Couple this with unemployment numbers that are still in the double digits in some areas, consumers are having to say “Charge it” when they need to seek medical attention. To put it in perspective, in 2006, Americans paid $250 billion each year on their out of pocket costs. Clearly, this is one trend that’s going to cause problems for many. In many ways, it’s a vicious cycle for some patients since they were already struggling in a weak economy and the growing number of bankruptcies and foreclosures for millions of Americans prevent them from even being eligible for credit cards.
Some are suggesting a “medical credit card” that will work much as the same way as a traditional credit card, but will be limited only for use at doctors’ offices, hospitals, community medical centers and pharmacies. The requirements for approval will likely be lower than a standard credit card, but it will be processed, using the same credit card processing service doctors already incorporate.
This makes it an ideal time for those in the medical sector to update both their services and their credit card processing software to meet the needs of what will likely come to pass in the near future. If you’re contemplating these changes for your medical practice, give us a call at 877-550-8671 and take advantage of lower fees and free setup for your medical practice.
