By Patrick Creagh, Marketing Specialist
Most healthcare providers probably associate October 1, 2015 with the deadline to switch to ICD-10 but there was also a second deadline on that day: the deadline to switch to EMV-compliant processing before the fraud liability shifts from the card-issuer to the retailer.
While the former deadline has more financial impact in healthcare, providers should not discount the EMV mandate. Specifically, there are 3 reasons why you should transition EMV-compliant terminals if you aren’t already:
1. Protection from Fraud Liability
The transition to EMV-enabled credit/debit cards has been multi-year process and virtually all issuing banks have replaced cardholders’ old cards with EMV-compliant ones. Since October 1st, anyone who accepts credit card payments using traditional terminals will be liable for any fraudulent transactions; therefore, providers should make this change to minimize exposure to fraud risk.
2. Superior Patient Experience at the Point of Service
In a typical episode of care, there are 3 parts to the encounter: scheduling/check-in, the interaction with a caregiver, and discharge. Each part has opportunities and pitfalls for patient experience. Would you want a great patient-provider interaction to be tarnished by a poor checkout process? A recent study showed that 75% of consumers are more concerned than ever about credit card fraud and rightly so. Consumers have been educated by their banks about EMV and will be expecting retailers (including healthcare providers) not to lag in upgrading to EMV-compliant hardware.
3. An Opportunity to Integrate Your POS Payments
The fraud liability transfer isn’t the only reason to update your credit card terminals. As record numbers of patients enroll in high deductible health plans, providers will need to process more patient payments than ever before. For this reason, the upgrading to EMV-compliant hardware is a great opportunity to evaluate all facets of your payment processing solution. You may discover an opportunity to integrate your hardware and payments software and get a payment gateway all on one contract.
Patientco Essentials is an all-in-one payment processing solution for healthcare providers. In addition to Our platform allows healthcare providers to manage, track, deposit, and post patient payments at the point of service- including cash, HSA/FSA and all major credit cards.
To learn how Patientco Essentials can help improve your payment experience, click here.