Increase front desk revenue, step 1 of 5
Independent practice physicians care about two things when it comes to their practice: patient care and the financial health of their practices. Many physicians go into business for themselves because they want to be independent, and one of the biggest ways to ensure that your practice stays independent is the ability to maximize your revenue stream.
Your front office staff has a great opportunity to lock in revenue when scheduling appointments. Take advantage of the face-to-face time to quickly and efficiently boost your income potential. Here’s the first of five ways to increase your revenue when scheduling patient appointments at check-in or checkout.
Step #1 Ask your patients about their credit card technology.
When your patients come in or call, it’s the perfect time to ask about their credit card technology. If you have patients who are using credit cards with pin-and-chip technology, you’ve got a revenue-boosting opportunity. If you don’t have an EMV chip card terminal or your payment processor isn’t up to date on this new technology, you’ll be parting with a little of your hard-earned cash.
The latest in credit card technology was created by credit card giants Europay, MasterCard® and Visa®. That’s where the abbreviation for EMV technology comes from. It’s known as chip-and-pin, chip-and-signature or just chip technology. It’s quickly becoming the global standard for credit card and debit card payments. Embedded microprocessor chips are replacing the old magnetic strip on credit cards. The chip can store and protect cardholder data in a way that increases security and reduces the chance of credit card fraud.1
Because chip technology offers greater security, EMV companies are pushing merchants to get on board. Beginning in October 2015, if you don’t use EMV technology, you and your payment processing company will be liable for any fraudulent card transactions. Visa, MasterCard, Discover and American Express are also offering a financial incentive by waiving the annual merchant fee if 75% of your transactions are using pin and chip (EMV) technology.2
Having an EMV terminal or using a billing and practice management system that uses EMV for payment processing will boost your revenue two ways:
- Moving to a system that offers more protection from fraud.
- You’ll reap the financial incentives these companies offer to merchants who use EMV.
When you’re talking with your patients about scheduling their next appointment, ask if their cards have the chip and save yourself a little dough.
