What is a credit card on file program for collection time of service payments?

A credit card on file (CCOF) program can reduce your costs and increase the timeliness of patient payments by offering an on line automatic payment system. Here’s how it works: At check-in, new patients produce: insurance card(s), driver’s license and credit card, along with other necessary information. At check-out, patients pay via their CCOF: co-pay, co-insurance, deductible, non-covered services.

When the EOB arrives, any balance (+/-) is charged to the CCOF. With large balances, patients can be put on a monthly payment plan.

A CCOF program can:

  • Reduce statements
  • Eliminate bounced checks
  • Improve cash flow, reduce AR days
  • Eliminate manual refunds
  • Reduce deposits
  • Facilitate faster check-out
  • Reduce collection agencies
  • Offer electronic management of payment plans
  • Speed up daily reconciliation
  • Reduce cash drawer money and change issues
  • Reduce risk of dealing with cash and checks