7 Ways To Overcome Payment Processing Challenges in Chiropractic

Did you know that in the last few years, 69% of healthcare leaders experienced an increase in claim denials when processing payments? Rising denial rates in chiropractic payment processing are often due to manual errors and non-integrated payment systems, resulting in high patient A/R balances and frequent chargebacks. 

Integrated chiropractic billing software can address these issues and streamline transactions, reducing A/R and boosting practice revenue. Here, we offer eight practical solutions that can transform your practice’s payment processes. 

1. Automate Billing Processes

Manual billing can be a major headache for chiropractic practices. It’s time-consuming, prone to errors, and keeps your staff bogged down in paperwork. These inefficiencies can lead to delayed payments and frustrated patients. Your team may spend hours each week on billing tasks instead of focusing on patient care.

Or you can take control of your billing with chiropractic payment processing software. 

Features like automatic claim submission, real-time error detection, and integrated payment processing reduce manual entry errors, increase patient satisfaction, and save time. 

The shift from manual processing to automation can reduce the time spent on the administrative side of claims from 2 minutes to about 2 seconds. Your staff will spend less time double-checking and correcting mistakes and more time on tasks that matter.

2. Implement Automated Payment Reminders

High patient A/R balances are common in chiropractic practices, often due to patients forgetting to make payments. This lagging A/R can strain cash flow and lead to time-consuming collection efforts.

Automated payment reminders can reduce your A/R balance. One study showed that automated payment processing software helped cut days in A/R nearly in half, averaging 70 days per claim. Standardized patient statements and a streamlined payment process can potentially boost patient collections by up to 154%.

One reason is that automated reminders ensure patients receive timely notifications via email or text, prompting them to settle their outstanding balances. You can even customize reminders to fit your practice’s communication style and frequency.

3. Offer Recurring Payment Plans

Irregular and missed payments can disrupt a chiropractic practice’s cash flow, leading to financial instability and increased stress. Patients often forget to make payments or struggle with large, one-time bills, resulting in unpredictable revenue streams and added administrative challenges for your team.

By setting up automatic, scheduled payments, you can ensure consistent cash flow while making it easier for patients to manage their bills. 

Here’s how a chiropractic EHR with payment processing lowers the risk of missed payments and helps you maintain a steady revenue stream.

• Automatic billing. Schedule payments at regular intervals to ensure timely payments without requiring patient intervention. To accommodate their financial needs, offer flexible options such as monthly, bi-weekly, or custom payment plans.
• Secure transactions. Process payments safely and securely, ensuring peace of mind for your practice and patients. Automated payment processing software integrates directly with banks and secure gateways to protect sensitive information.
• Convenient payment choices. To accommodate patient preferences, offer multiple payment methods, including credit cards, debit cards, mobile payments, and ACH transfers. 
• Detailed tracking. Monitor all recurring payments through a centralized dashboard, making it easy to manage and adjust plans as needed. 
• Patient reminders. Send automated reminders to patients before each payment is processed to keep patients informed and reduce the risk of failed transactions.

4. Provide Multiple Payment Options

Limited payment options can create a bottleneck in your chiropractic practice’s payment collection process, leading to delayed or missed payments. When patients find it challenging to pay using their preferred method, it can result in frustration and procrastination.

A recent survey found that 25% of patients pay medical bills via contactless debit or credit and 17% through mobile apps. Payment processing software makes electronic payments convenient by offering various payment methods, including:

• Credit cards. Accept major credit cards like Visa, MasterCard, American Express, and Discover. 
• Debit cards. Provide an option for patients to pay directly from their bank accounts.
• Mobile payments. Enable payments through popular mobile apps like Apple Pay®, Samsung Wallet, and Google Pay™. 
• Contactless payments. Facilitate quick and safe transactions with tap-to-pay technology, online and phone payments.

Multiple payment options enhance patient convenience and boost payment collection rates. When patients can choose their preferred method, they are more likely to make timely payments, reducing the risk of overdue accounts and improving your practice’s cash flow.

5. Improve Communication With Patients

Lack of communication about balances and payment due dates can create confusion and frustration for your patients, leading to delayed payments and higher outstanding balances. It could also violate the No Surprises Act, which requires itemized explanations for patient bills. 

Clear and consistent communication helps manage patient expectations and informs them about their financial responsibilities.

With payment processing software, you can send automated reminders about upcoming due dates and outstanding balances via email or text. For example, a week before the payment is due, the system can send a friendly reminder with the balance amount and payment options. Additionally, follow up with another reminder two days before the due date.

You can also generate automatic Explanations of Benefits (EOBs), improving communication about insurance coverage and current balances. This system helps keep patients well-informed, reduces missed payments, and boosts patient satisfaction.

6. Implement Efficient Chargeback Management

Chargebacks can impact your practice’s revenue, leading to unexpected financial losses and additional administrative burdens. For instance, when a patient disputes a payment after receiving treatment, it delays revenue and creates extra work for your staff to resolve the issue. 

Frequent chargebacks can disrupt cash flow and strain resources, causing operational challenges and financial stress.

Automated payment processing lets you manage and dispute chargebacks efficiently. Monitor chargebacks in real time, receive instant alerts, and access detailed transaction records to support your disputes. Quickly gather and submit necessary documentation, such as signed consent forms or service records, to resolve disputes effectively. 

If a patient disputes a payment, you can promptly retrieve and submit evidence to increase your chances of a successful resolution.

7. Leverage Detailed Financial Reporting

Without insight into your practice’s financial health and payment trends, you may be unaware of potential issues impacting cash flow and operational efficiency. Recurring late payments or unidentified billing errors can go unnoticed without detailed reports, leading to financial problems over time.

Payment processing software often includes comprehensive financial reporting tools that offer detailed insights into your payment processes. Use these reports to monitor payment trends, track outstanding balances, and identify areas for improvement. 

Leverage detailed financial reporting to manage your practice’s financial health and A/R balances. For example, generate an A/R aging report to understand your revenue sources and identify potential issues so you can make data-driven decisions that improve cash flow and operational efficiency.

Transform Your Practice’s Financial Health With CT Payments

Managing a chiropractic practice’s finances isn’t easy, ChiroTouch and CT Payments give you the ability to overcome the challenges and maximize your practice’s revenue. 

With CT Payment’s integrated payment processing features, you can:

• Automate billing to reduce manual entry errors and ensure timely payments.
• Set up automated payment reminders to lower A/R balances and improve cash flow.
• Offer flexible recurring payment plans for steady revenue streams.
• Provide multiple payment options to increase patient convenience and timely payments.
• Automatically update expired, lost, or stolen card details to prevent payment disruptions.
• Improve communication with patients through automated reminders and clear EOBs.
• Manage chargebacks efficiently with real-time monitoring and instant alerts.
• Generate detailed financial reports to gain insights and make data-driven decisions.

For answers to your questions about CT Payments and integrated payment processing, read our FAQ below.

To learn more about how you can optimize your practice’s financial health with ChiroTouch and CT Payments, download The Chiropractor’s Guide to Integrated Payment Processing. Discover the key to improving your cash flow and safeguarding your practice’s financial stability.

FAQ

Q: How secure are automated payment systems?

A: Automated payment systems like CT Payments use advanced encryption and security protocols to protect sensitive financial information, ensuring that transactions are secure and compliant with industry standards.

Q: How can I reduce high patient A/R balances in my chiropractic practice?

A: Implementing automated payment reminders, offering recurring payment plans, and providing multiple payment options can help reduce high patient A/R balances. Additionally, clear communication with patients about their balances and due dates is crucial.

Q: How does CT Payments help reduce high A/R balances?

A: CT Payments integrates automated payment reminders, recurring payment plans, and multiple payment options into your practice management system. These features encourage timely payments and reduce outstanding balances.

Q: What strategies can help manage frequent chargebacks effectively?

A: Using integrated payment solutions like CT Payments can provide tools for managing and disputing chargebacks effectively. Ensuring accurate and timely documentation and communication with patients can also help minimize chargebacks.

Q: Can CT Payments handle chargeback management effectively?

A: Yes, CT Payments provides robust tools for managing and disputing chargebacks. It helps minimize revenue loss by streamlining the chargeback management process and ensuring that disputes are handled promptly and accurately.

Q: How can automation improve billing processes in chiropractic practices?

A: Automating billing processes reduces the time and errors associated with manual billing. It streamlines workflows, ensures accuracy, and accelerates the billing cycle, freeing up administrative resources and improving cash flow.

Q: What are the benefits of automating billing with CT Payments?

A: Automating billing with CT Payments streamlines the billing process, reduces errors, accelerates the billing cycle, and lowers administrative burdens. This ensures accurate billing and faster payment collections.

Q: How can CT Payments facilitate multiple payment options?

A: CT Payments supports various payment methods, including credit cards, debit cards, mobile payments, and ACH transfers. This flexibility enhances convenience for patients and improves payment collection rates.

Q: What financial insights can CT Payments provide to improve practice management?

A: CT Payments offers detailed financial reporting tools that provide insights into payment trends, outstanding balances, and overall financial health. These reports enable proactive management and help identify areas for improvement in your payment processes.

Q: Can CT Payments handle high transaction volumes?

A: Yes, CT Payments is designed to handle high transaction volumes efficiently, making it suitable for practices of all sizes. It ensures that all transactions are processed quickly and accurately.

Q: What is the setup process like for CT Payments?

A: Setting up CT Payments is straightforward and user-friendly. The ChiroTouch support team assists with the integration, ensuring that all payment processes are seamlessly incorporated into your practice management system, minimizing downtime and disruption.