Posted by admin on May 27, 2020
Telemedicine Payment Processing

Are you a telemedicine services company seeking cost-effective ways to accept payments from patients?  Or a telehealth software platform that wants to add payment processing as a value-added service to your telemedicine clients? 

You have come in the right place. Quickly and easily establish telehealth & telemedicine merchant accounts.  Then watch as your practice prospers & grows. 

What Are Telemedicine Merchant Accounts?

Telemedicine Merchant Accounts
Telemedicine Merchant Accounts

Telehealth providers establish telemedicine merchant accounts to accept multiple methods payments from patients.  Telemedicine software platforms add payment processing as an additional service for their telehealth customers by integrating telemedicine payment processing gateways with the software.

Telemedicine merchant accounts include multiple payment methods.   Accept all debit, credit and HSA cards.   And ACH / echecks for patients who prefer to pay through a bank account rather than with cards.

Recurring billing is a standard feature on all telemedicine merchant accounts.  This is great for monthly subscriptions for the telehealth services.  And give you an effective way to offer “installment payments” to patients.

Telemedicine merchant accounts save patients time & money by eliminating trips to the doctor while still receiving quality medical care.  Medical providers can treat more patients via telemedicine, increasing profits by reducing overhead costs.

What Types of Companies Use Telemedicine Merchant Accounts?

Medical service providers are increasing providing telehealth services to accommodate consumer demand for accessible and affordable health care.  Patients using telemedicine services are billed for the care received, in the same way as patients are billed for an office, clinic, or hospital visit.  Telemedicine is simply another method through which healthcare services are provided. 

Some medical providers access telemedicine merchant accounts through a telehealth software platform as a value-added service.  Other medical providers apply for telehealth merchant accounts directly. 

Companies selling to ancillary services the medical market also benefit from telehealth merchant accounts. Examples include allied health care service providers; medical equipment sales; medical manufacturers; and medical retailers.

Features of Telemedicine Merchant Accounts

Telemedicine Merchant Accounts
Telemedicine Merchant Account

Low Rates.  Competitive rates combine with top-notch technology. 

Multiple Payment Methods.   Accept all debit / credit cards, including HSA cards.  Debit payments from banks account using same day ACH electronic check processing. 

Recurring Billing.  Unlimited recurring payment plans. Convenient for patients.  Profitable for you.

Multi-Channel Payments.  Take payments online, by phone, in person, via mobile phones and through in-apps.

Electronic Invoicing.  Send invoices with embedded “click-to-pay” link. Get paid faster. Reduces the costs of billing.

Telemedicine Services Payment Gateway. Military grade encryption safeguards sensitive payment data.  Highest security available.  Exceeds the most stringent requirements for compliant, safe payment processing.

Robust Reporting.  Simplifies account management. Create, view, and download payment processing information in a variety of formats.  Easily import / export payment data with internal systems to enhance productivity. 

Superb Customer Service.  Highly trained representatives give you the professional help you need when you need it. 

Benefits of Payment Processing to Telemedicine Software Platforms

Software platforms specializing in telehealth add payment processing to gain a competitive edge in the rapidly expanding telemedicine marketplace with an additional value-added service. 

Telemedicine merchant accounts also create an additional revenue stream for telemedicine software providers, adding profits without much additional work. 

Telehealth medical providers appreciate the ease and convenience of having payment processing included with the telemedicine software.  A unified software solution, including effective ways to accept payments, makes it simpler and faster for telemedicine providers to start processing payments.

Integration of payment processing with telehealth software is easy using an API connection to the secure telemedicine payment processing gateway.  Telemedicine software companies interested in adding value added telehealth merchant accounts are welcome to contact us for additional information. 

Applying for Telemedicine Merchant Accounts

It is a straight-forward process for medical & allied health care providers to apply for a telehealth merchant account.  An application is submitted along with supporting documents. 

Supporting documents include:  Color copy ID for the signer on the account; voided check for the account to which processing funds will settle; 3 months business bank statements; 3 months of payment processing statements; medical licenses, and information about the business.

Once approved, the telemedicine merchant account can be used to accept payments online, by phone, and at the medical providers location.  Approvals for US telemedicine merchant services take 5-7 business days for approval from the time the completed application file is received. 

Growth of Telemedicine Industry

The United States currently spends 17.2% of its annual gross domestic product (GDP) on healthcare.  Costs for health care are projected to increase drastically over the next decade. The US telehealth market is expected to grow to over $38 billion by 2022.  Globally, the telemedicine market will exceed $78 billion by 2025.

America spends more money on healthcare than any other developed nation.  Yet, the US has the lowest service levels to patients compared to other countries.  The US must lower costs and provide better health care delivery to assist medical professionals in treating patients. 

Telemedicine is an important part of providing affordable & effective health care.  Do US consumers believe in telehealth?  You bet they do.  America is now the largest and quickest growing telemedicine market in the world.  Patients view telehealth as an effective, cost-saving alternative method of receiving medical care.

The acceptance of telemedicine is substantiated by American Well’s Telehealth Consumer Index.  A recent survey indicated that more than 50 million US patients would switch health care providers to gain access to telehealth services.  Information from Business Insider Intelligence Insurance Technology indicates 57% of Americans would use telemedicine for a consultation if given the opportunity to do so.

Conclusion

Telemedicine merchant accounts are valuable for telehealth software platforms, medical providers, teletraining, and on-going telecare. 

Telemedicine is transforming the way health care is delivered.  A few years ago, few of us imagined that we would be able to visit a doctor from the comfort of our homes.  Now, telehealth services are becoming the norm, touching almost every part of the healthcare delivery system.

Interested in discovering more about telemedicine merchant accounts?  Contact info@NationalACH.com.  Or call 866-ACH-7600.