How It Works
The Old Way:
Any time a patient pays for their copay or any medical payment with a credit card, the practice pays a percentage for each transaction.
The average copay is $40.
When the patient pays with a credit card, the practice pays up $1.60 in processing fees.
For the patient paying with credit, the practice takes in $38.40.
When the patient receives their bill, and they opt to pay with a credit card again, the practice loses additional money in fees.
For example, if the bill is $200, the practice loses $8.
In that example, the practice lost $9.60 in processing fees to accept the patient's payment.
Imagine this multiplied by 100 customers a month in a small practice.
That's almost $1,000/ month thrown away on fees.
Closer to $10,000 a month in a slightly larger practice.
And MILLIONS a month in some hospital systems.
The MPT Way:
Rather than the practice footing the bill for the convenience of paying by card, the processing fee is passed on to the patient if they choose to pay by card.
For example, on the $40 copay, the patient will pay the $1.60.
This means that the practice receives the full $40 for their service.
Patients still have an option.
If they pay by cash or check, the fee is removed. This incentivizes patients to make cash payments and keeps the full payment for the actual service in the practice's bottom line.
What WAS being spent on fees can now be spent on improving equipment, hiring personnel, or just increasing profit.
Even the smallest practices will save thousands every year.
Let's get started saving you money today.
One of our clients is a Nurse Practitioner with her own small practice in Denham Springs, LA. She was averaging over $300 in transaction fees every week. With Medical Processing Technologies Cash Discount Program, she has added over $15,000 to her annual income.
She now has plans to increase her marketing budget, which will bring even more new patients to her practice.
When asked if she has had any patients complain about the change in processing, she said that most patients don't even notice the difference, and that she has not received any negative feedback or lost any customers for her services. Just profit.