Finance and revenue cycle managers throughout the United States are preparing for the October 2015 Fraud Liability Shift, which stipulates that all issuers and merchants who choose to accept payments/transactions using non-EMV compliant devices with EMV compliant cards will assume liability for certain fraudulent behavior.
Apex believes this shift marks a unique opportunity for providers. Not only do EMV and Point to Point Encryption (P2PE) regulations protect patients and healthcare providers against the misuse of lost or stolen cards, but it also encourages discussions regarding Point-of-Service Payment (POS) opportunities.
A POS payment solution that is integrated into providers’ back-end billing and payment platform is critical as providers look for solutions to reduce bad debt and improve patient satisfaction. This model encourages patients to engage in financial conversations earlier in the process, allowing them the option to apply a payment, set up a payment plan, or enroll in electronic delivery before a statement is generated. Providers can tailor financial messaging and enhance customer support with better visibility into account details.
Furthermore, POS interactions allow providers to confirm patient billing histories, print or securely email receipts, and quickly produce reconciliation and/or custom payment reports.