Managing billing at your orthodontics practice can take up as much time as you spend with your patients. If your current payment software doesn’t integrate with other platforms like QuickBooks Online, you could be spending hours reconciling payments.
Integrated technology cuts through the red tape for orthodontic payment processing. Integrated payments means that your billing, credit card processing, customer management, and business analytics are all in one place. In this blog, we’ll explore how you can straighten out your orthodontics billing and save money with integrated technology.
Use ACH to Save on Fees
ACH, or “automated clearinghouse,” payments are great for invoicing patients. ACH payments are a secure, low-cost option, especially if you send invoices through a virtual terminal.
ACH costs less than $1 per transaction to providers, unlike credit cards that vary in percentages, usually between 3-4% per transaction. Those savings add up, especially if you’re billing a patient for a high-cost procedure. Once you send a patient an invoice, they can enter their bank account information and complete the payment. Patients can also set up autopay for recurring invoices so you don’t have to worry about late payments. You’ll get paid faster and at a much lower cost.
Use Practice Management Software to Track Your Payer Mix
Your payer mix is crucial to your practice’s cash flow. A payer mix is the total distribution of how your patients pay for their care. They can pay through private insurance, government-funded options, or completely out of their own pocket. Having a good balance between the three creates a steady cash flow for your practice. For instance, if your payer mix leans towards federal insurance programs like Medicaid, changes in regulations can upset your cash flow and revenue.
You can track your payer mix through practice management software like OrthoTrac. You can even check the status of insurance claims and reimbursement so you get paid faster. To stay competitive, you should assess your payer mix and make adjustments as necessary, like accepting more forms of insurance. And to work even more efficiently, choose a payment processor like Fattmerchant that integrates seamlessly with OrthoTrac and other practice management software.
Sync Your Data to End Reconciliation
Integrated technology means you don’t have to stop using the tools you already love, like QuickBooks Online. Integrated technology will work with other tools to create a seamless experience. You can manage patients, their insurance information, payments, and outstanding invoices all without needing to log into separate tools.
Fattmerchant integrates with practice management software like OrthoTrac and DentalXchange, plus 200 other applications and platforms. You can manage the most vital aspects of your orthodontic practice’s billing from one platform. Plus, with our 2-way sync with QuickBooks Online, your data is automatically transferred between the two platforms, making reconciling a thing of the past.
See how integrated payment technology can help your orthodontics practice.