MedEsthetics magazines offers business education and in-depth coverage of the latest noninvasive cosmetic procedures for physicians and practice managers working in the medical aesthetics industry.
Issue link: https://medesthetics.epubxp.com/i/643539
PAY POINTS 40 MARCH 2016 | Med Esthetics The real risk is in how you handle credit cards, says Dr. Rosenthal. "Before we began using Modernizing Medi- cine's EMA software, we had credit card numbers written on sticky notes attached to patient fi les or located in the margins of paperwork on booking software. This left infor- mation open to theft from viruses," he says. "Credit card companies can often trace theft to a particular business, and that business can be liable if they have mishandled credit card data. EMA encrypts credit card data so the actual card numbers are never seen, yet the data is avail- able if the patient wants to set up recurring payments for treatments or products, for example monthly deposits for a scheduled breast lift. EMA also has remote signature capture as insurance in case a patient tries to deny or charge back a credit card charge." Credit card and electronic record systems can be separate. "We have just upgraded our system to keep credit card infor- mation in an encrypted form, but we don't take payments through our EMR," says Dr. Dayan. "We've found it easier and more reliable to stick with QuickBooks." Protecting card holder security isn't the only issue when it comes to credit cards. "Cost is another issue," says Zupko. "We advise practices to bid out credit card pro- cessing services every 18 months. Service fees are not all the same. For example, the TransFirst processing fee for American Express is comparable to Visa and MasterCard. Fees often vary from card to card and service to service." Additionally, there is more to choosing a credit card processor than getting the lowest rate. Factors, such as how and when you enter credit card information and fees for incorrectly entering your standard industry code, can increase the total cost of these transactions. Most practices could benefi t from expert help when it comes to setting up merchant services. N o. 4: Do value your time. Charge for consultations and missed appointments. Adopt a cancellation and missed appointment policy. Post it on your website and email it with appointment confi rma- tions, says Zupko. "Doctors are highly trained specialists; their time is worth something. If you don't charge for con- sultations, you may fi nd yourself offering second opinions for free to patients who have no qualms about setting up multiple consults—even after booking surgery with some- one else, just to be sure," she says. Whether to charge for consultations and missed appoint- ments is a big issue for physicians, says Dr. Dayan. "There is no standard. Your policy may depend on whether your practice is just getting started and its competitive situation," he notes. "I have always charged for consultations from the beginning. I believe there is value to what I offer. This policy may scare away some tire-kickers but it hasn't hurt my practice. Charging for missed appointments is a more diffi cult call. Our policy has been to charge half of the normal fee if the patient doesn't can- cel 24 hours in advance, and we give the money we collect to charity. But today's patients seem to be much less committed to appointments than they were even fi ve or six years ago, so no-shows are becoming a real problem. We've just started taking credit card information when we book an appointment and letting patients know that we will charge a fee—10% to 20% of the normal charge for the reserved time—if they miss the appointment. We're just testing this and haven't decided yet if it's a policy we will keep." N o. 5: Don't discount. "Today clients walk into practices demanding dis- counts," says Zupko. "You need to be prepared to explain what each of your services covers and articulate the value you offer. For price-sensitive services, such as breast augmenta- tion, your staff needs to be prepared to offer price-shopping clients a range for the service and explain why prices can vary for different patients. If your practice is more depen- dent on Internet referrals than word-of-mouth referrals, avoiding discounts can be more diffi cult. It's very important to have competently trained people to respond to Web leads. We talked with 151 practices in a recent mystery shopper survey and found that 67% were able to quote a price range for the procedure we asked about. When we were not quoted a fee, the reason was often because the service being requested was not specifi c enough. "You are not everybody's plastic surgeon," continues Zupko. "Know your target clientele. Women who work with a plastic surgeon for their aesthetic needs and are pleased with the outcome will refer friends. More than 80% of their friends will have comparable incomes. They are in a sense prequalifi ed for your services and less likely to experience sticker shock because their friends will have shared what their services cost." "IF YOU DON'T CHARGE FOR CONSULTATIONS, YOU MAY FIND YOURSELF OFFERING SECOND OPINIONS FOR FREE TO PATIENTS WHO HAVE NO QUALMS ABOUT SETTING UP MULTIPLE CONSULTS."