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