Telemedicine gives healthcare professionals the option to treat patients through calls or conferences remotely. Telehealth services work in conjunction with smartphones, emails, wearable health monitoring devices and conferences. There has been a significant growth curve for telemedicine providers during the last few years due to a meteoric rise in technology and the need for remote health services.
The growth curve for telemedicine healthcare providers has not come without a few perils of its own. For starters, organizations now have to work with stiff competition from competitors and are targeting a completely virtual clientele.
In this article we will study the role of telemedicine merchant accounts as a means to record seamless payment transactions through the recent surge in industry potential. Stick with us as we jump deeper into the topic.
Features and Benefits of Telemedicine Merchant Accounts
While this recent growth has opened new avenues, it has also created a few hassles in the form of payment issues. Telemedicine merchant accounts offer a payment solution that includes multiple payment methods.
Some of the features and benefits of telemedicine merchant accounts include:
- Recurring Billing: Telemedicine merchant accounts come with recurring billing plans which are convenient for patients.
- Multiple Payment Plans: There are multiple methods including HSA/credit and debit cards. ACH payments from banks are also accepted. Payments through all channels are accepted in a merchant account.
- Electronic Invoicing: Electronic invoices come with an automated click to pay link that can save money on billing.
- Extensive Bank Network; Telemedicine providers can set up multiple accounts at one time. This works well for telemedicine merchants dealing in bigger volumes.
- Integration: API integration along with free technical and non-technical assistance. This is an excellent value-addition service for software providers and opens new revenue streams.
- Robust Reporting: A telemedicine merchant account allows merchants to view and manage details related to payments in multiple formats. The financial data can also be imported to internal systems.
Why Telemedicine Is Considered In the High-Risk Payment Processing Category
Medical services are hard to predict, producing some slow and some busy months, based on the form of specialty. With a higher likelihood for transactional disputes to happen, this can create risks for card processors, banks, and even the medical service provider.
Location is another major payment risk. Telemedicine practice expands medicine access, where it can empower healthcare professionals to work around the globe to offer treatment in regions lacking the required options. This can create a need to process payments in different currencies. Fraud is likely to happen while dealing in various currencies, especially when doing cross-border transactions.
Another reason behind the high-risk classification of telemedicine services boils down to a basic question: who will pay the bill and how will they pay it? Unlike a conventional office setting where the payment logistics are performed in-office or via a regular billing system, telemedicine isn’t as straightforward. From an insurance perspective, it can be tricky to determine how to cover different appointments. The same applies to coverage for Medicaid and Medicare, which is different for each patient and their location.
Telemedicine services have come a long way during the last decade or two. Having gone through the information in this article, we hope you now understand the benefits of merchant accounts and are ready to get integrated payments for telemedicine.
Interested in payment processing for telemedicine merchants? Contact us today at info@PaynetSecure.net or call us at 888-5-PAYNET.