At some point or another, you have most likely received payment directly from a patient. When it comes to thinking about patient payment options, healthcare providers may be hesitant to implement credit card processing. With cybercrimes on the rise and data protection more important than ever, it’s an understandable concern.
Thankfully, by trusting an EHR with integrated HIPAA compliant credit card processing, clinics can enjoy the financial benefits of card payments and rest assured their sensitive data is protected. But how does it work? Let’s take a closer look at how to remain HIPAA compliant and improve your cash flow with credit card processing.
The Links Between Credit Card Processing and Profitability
Convenience and Satisfaction
Whether co-paying for the visit or covering the entire service out of pocket, patients tend to prefer the option to pay with a credit card. This not only means they no longer have to have cash on hand, but they can also pay online via a patient portal like Procentive’s. With all of our increasingly busy lives, this benefit will surely be appreciated by clients.
Nonpayment and Wasted Time
Meanwhile, without integrated payment processing in your EHR solution, your staff has to deal with collections, which take more time and attention away from their duties. Many clinics tend to be stuck with non-payers, who require constant follow-up and reminders. Integrated credit card processing allows you to avoid tracking down those payments, so you’re getting a higher percentage of on-time payments for your services.
A Closer Look at Credit Cards and HIPAA Compliance
Many healthcare providers have a clear understanding that HIPAA compliance involves securing Protected Health Information (PHI). Following strict HIPAA requirements to protect patient health data is imperative even when related to payment processing.
According to HIPAA, health information among other things relates to:
“past, present, or future physical or mental health or condition of an individual, the provision of health care to an individual, or the past, present, or future payment for the provision of health care to an individual.”
This means that credit card processing must be HIPAA compliant. If you are using a comprehensive practice management software with an integrated credit card processing system, you need to make sure that it adheres to HIPAA requirements.
The Safety of Credit Card Processing
With cybercrimes on the rise, any loophole in the credit card processing system could result in serious consequences for the organization. Healthcare providers that allow credit card payments are susceptible to security breaches aimed at identity theft.
Reliable credit card processors adhere to Payment Card Industry Data Security Standards (PCI-DSS) to protect the cardholder’s data. These standards focus on the payment account security during the transaction. They are enforced by the Payment Card Industry Security Standards Council (PCI SSC), which was created by major credit card companies.
Differences between HIPAA and PCI DSS Guidelines
HIPAA compliance checks are based out of the Office of Civil Rights Protocols, which are continuously updated to adapt to the ever-changing technological environment. Meanwhile, PCI compliance is defined by PCI SSC.
Both HIPAA and PCI aim at keeping information secure. However, they protect different types of data. Due to this, they have different audit guidelines, requirements, and punishments for non-compliance and security breaches.
PCI regulations are more specific and stricter than HIPAA guidelines. Even though they may overlap, the two aren’t interchangeable. HIPAA compliance doesn’t guarantee PCI-DSS compliance or vice versa.
PCI-DSS compliance often goes beyond HIPAA requirements. Complex financial transactions arranged by healthcare organizations can put them at risk. By ensuring PCI-DSS compliance, you are protecting both your clinic and its patients’ financial information while HIPAA compliance takes care of medical records.
In short, when it comes to credit card processing, healthcare organizations should consider both guidelines.
How Integrated Solutions Protect Your Patient Data
If you are choosing practice management software or a comprehensive EHR solution, consider selecting one with a credit card payment integration. Software providers like Procentive handle the complicated process of working with financial institutions/payment processors and regulators to form a Business Associate Agreement (BAA) to ensure that all PHI will be protected. Essentially, in order to offer this service, there are many cyber security qualifications the financial institution and EHR must meet.
By choosing an EHR with secure and integrated credit card processing, you have the security of working with a HIPAA and PCI-DSS compliant associate. Your EHR, their chosen financial institution, and the federal government are all working together to protect payment information and client records. With software providers like Procentive, you can rest assured that sensitive information is in the safe hands of your trusted solution.
A trusted EHR with integrated credit card processing can help you maintain compliance and improve your cashflow.
Are You Using HIPAA Compliant Credit Card Processing with Your Patients?
When it comes to credit card processing, HIPAA compliance is less difficult to secure than it may seem. Having a convenient payment system which handles information security for you can help you maintain compliance and improve your organization’s profitability.
Procentive is an all-encompassing HIPAA compliant EHR, practice management, and billing solution with an integrated credit card payment processing system. Contact us if you’d like to learn how we can ensure HIPAA compliant credit card processing for your practice.
