With support from North American Bancard, you can grow your business by providing merchant accounts to this growing industry.
The explosion of telemedicine adoption since 2020 has opened the door to accepting payments for these services online. However, in an industry designated as high risk, it can be challenging for telemedicine practices to navigate the complex payments landscape. Here’s what ISO Agents providing merchant accounts to telemedicine merchants need to know to help their clients have the payments functionality they need while simultaneously controlling costs.
Rising opportunity in telemedicine for ISO Agents and Sales Partners.
Establishing merchant accounts for telemedicine likely wasn’t top of mind for ISO Agents prior to 2019. That year only 0.3 percent of provider visits were managed through telehealth. However, with the onset of the COVID-19 pandemic, telehealth visits increased to 23.6% in 2020, and now that patients have experienced the convenience and accessibility of virtual care, it’s unlikely to trend backward. Telehealth patients now know how easy it is to access on-demand care without leaving their homes and may choose it over spending time in waiting rooms in the future.
Of course, just like appointments in a physician’s office, there is a charge for telehealth services, and in some cases, the patient is responsible or must cover a copay. ISO Agents have the opportunity to help telemedicine providers collect those charges at the time of service with a link in the software that enables virtual appointments.
In addition to convenience for the patient, digital payments solutions also benefit the healthcare provider, including reduced paperwork for accounts receivable and increased cash flow for the whole practice. However, despite benefits to both patient and provider, implementing online payment solutions has lagged, primarily due to the high risk associated with telemedicine merchant accounts.
What a high-risk designation means for telemedicine.
The complexity of medical payments and the final word on who — patient, provider, insurance carrier or Medicare/Medicaid — increases when care is delivered via telemedicine.
- Medical bills have a higher rate of dispute than transactions in other markets.
- Greater potential for fraud exists as the patient information may differ from the cardholder or account that paid for services.
- Monthly processing amounts can vary.
In short, telemedicine has more variables that can lead to more payment disputes. Furthermore, payments on telemedicine patient portals are transacted online, which is considered higher risk than payments made in person.
Bring payments solutions to telemedicine providers.
ISO Agents can help open new doors for providers that seemingly have limited payment options for telemedicine services — if they partner with the right payment solution provider. The key to finding the right partner is selecting one who understands the nuances associated with the ever-changing healthcare industry.
At North American Bancard, ISO Agents can provide merchant accounts to high-risk telemedicine providers with the same ease and efficiency as low-risk merchants while enjoying the following.
- High approval rates.
- In-house Risk and Underwriting Departments for faster approvals.
- Highly competitive pricing.
- Fraud and chargeback mitigation tools.
- A merchant portal for real-time reporting.
- Fast resolution to inquiries and chargebacks.
When you work with a payments company that understands the industry, you can provide a feasible solution that enables telemedicine to accept payments while minimizing risks. Contact North American Bancard to get started.
