Posted by admin on Jun 22, 2020

 

Telemedicine Merchant Accounts

Payment processing for telemedicine providers and telehealth software providers.  Accept credit, debit, HSA cards and ACH payments quickly and easily. 

What is Telemedicine?

Telemedicine gives healthcare professions the ability to treat patients remotely using technology.  Video conferences, smartphones, email, electronic health records and wearable health monitoring devices are often used to in conjunction with telehealth services. 

Patients save time by accessing online telemedicine evaluations and treatments rather than leaving home to travel to a doctor’s office, clinic, or hospital.  And save money since telemedicine sessions are less expensive than an in-person visit.  Telemedicine is now covered by most major insurance providers.

Medical professionals are embracing telemedicine as an effective alternative to in-person visits.  Allowing medical providers to effectively treat more patients, reduce overhead costs, and increase profits.

Telemedicine Merchant Accounts

Telemedicine merchant accounts let telehealth companies and telemedicine software providers efficiently accept payments from patients for the services provided.  

Medical providers can apply for telemedicine merchant accounts directly.  Or obtain telehealth payment processing through telemedicine software platforms that offer payment processing as a value-added service. 

Telemedicine merchant accounts include multiple payment methods. 

Card payments are frequently used to pay for telehealth services.  Therefore, it is always a good idea to accept all debit, credit and HSA cards. 

Still, lots of Americans prefer to pay for medical care using bank accounts.  ACH debits automatically debit payments from patients’ bank accounts and settle the funds to your bank account.  ACH gives patients another convenient way to pay you...

ACH payments are the lowest cost method of accepting payments.  There is no “interchange” associated with ACH payments.  As a result, rates for ACH are 50-80% less than card payments.

Features and Benefits of Telehealth Merchant Accounts

Telemedicine Merchant Accounts
Telemedicine Merchant Accounts
  • Multiple Payment Methods.Easily accept credit / debit and HSA cards. And ACH payments from bank accounts. 
  • Recurring Billing.  Telemedicine may be offered on a one-time or recurring basis. All merchant accounts include unlimited recurring payment plans. Convenient for patients.  Profitable for you.
  • Accept Payments Through All Channels. Take payments online and through in-apps. Accept phone and mail payments with unlimited virtual terminals. Upload large files for quick processing of bulk files.
  • Electronic Invoicing.Send invoices with embedded “click-to-pay” link.  Save money on billing.  Get paid faster.
  • Telemedicine Merchant Payment Gateway.Military grade encryption.  Protect sensitive payment data.  Exceeds the most stringent requirements for compliant, safe payment processing.
  • Extensive Bank Network.Set up a single merchant account or diversify processing among multiple accounts. Great for high volume telemedicine merchants. 
  • Robust Reporting.   View and manage payment processing details in a variety of formats.  Easily import / export all data to internal systems. Simplify account management.
  • Integrates with Telehealth Software Platforms. API integration with free technical assistance.  Excellent value-add for telemedicine software providers.  Profitable revenue streams for software providers. 

Who Needs Telemedicine Merchant Accounts?

Medical providers offer telehealth services to accommodate consumer demand for accessible and money-saving health care services.  Telemedicine is simply another channel through which healthcare services are delivered. 

Some medical providers add telemedicine merchant accounts a part of a unified medical payment processing platform. Others use the accounts to process payments for only for telehealth services. 

Telehealth merchant accounts are also great for ancillary businesses serving the medical market.  These include allied health care service providers; medical equipment sales; medical manufacturers; and medical retailers. 

Payment Processing for Telemedicine Software Platforms

Software platforms specializing in telehealth integrate payment processing with telemedicine software to gain a competitive edge in the rapidly expanding telemedicine marketplace.  Telemedicine merchant accounts also create new revenue streams for software providers.

Payment processing is a valuable additional feature for telehealth software providers.  Medical providers using telemedicine software need telemedicine merchant accounts to accept payments from patients. Integrating payment processing with your telehealth software enhances your value proposition to your clients.     

Medical providers appreciate the ease and convenience of integrated payment processing. Telehealth software companies benefit from new revenue streams which help boost bottom line profits. 

Integration of merchant accounts with telehealth software is accomplished through an API connection to the secure telemedicine payment processing gateway. 

Applying for Telemedicine Merchant Accounts

For medical & ancillary health care providers, applying for a telehealth merchant account is a straight-forward process.  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, if available; and information about the business.

Telemedicine software providers can easily integrate payment processing with their platforms.  Offering telehealth merchant accounts is a superb value-add service for your clients, saving them time, effort.and money. 

Growth of Telemedicine Industry

America spends 17.2% of its annual gross domestic product (GDP) on healthcare.  Growth of healthcare spending is growing rapidly, with costs projected to increase drastically over the next decade. 

The US has the highest healthcare costs of any developed nation yet delivers the lowest service levels to patients compared to other countries.  Americans love their health care professions but are desperate for lower cost and better health care delivery. 

Telemedicine is a crucial part of affordable & effective health care.  The US telehealth market is projected to grow to over $38 billion by 2022.  Globally, the telemedicine market will exceed $78 billion by 2025.

Will American consumers accept telemedicine?  You bet they will.  America is now the biggest and fastest growing telemedicine market in the world

Patients eagerly embrace telehealth as effective, cost-saving alternative method of receiving medical care.

The acceptance of telemedicine is demonstrated by American Well’s Telehealth Consumer Index.  A recent survey confirmed that 50 million US patients would switch health care providers to gain access to telehealth services. 

Interested in payment processing for telemedicine merchants?  Contact us today at info@PaynetSecure.net.  Or call 888-5-PAYNET.