Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are a popular way for patients to pay for healthcare expenses. However, not all payment platforms can process HSA and FSA payments. To process cards linked to an HSA or FSA account, your merchant provider must underwrite your business correctly. You must be approved to run payments through a particular Standard Industrial Classification (SIC) code. The SIC Code classifies the type of product and service a company engages business in.
The ability to process HSA and FSA payments is an excellent addition to your medical practice or collection agency. Most patients have health insurance; however, they will likely also need to pay for a portion out of pocket. Patients appreciate the
convenience of paying by credit or debit card, especially when linked to an HSA or FSA account. Accepting credit and debit card payments at your office, clinic, or hospital may very well reduce the number of overdue bills.
HSA and FSA Payments Are HIPPA Compliant
Many businesses hesitate to accept HSA and FSA payments because they are worried about being compliant with HIPPA rules and regulations. It is important to note that your company should never provide protected health information to your payment partner. Do not enter details related to the patient’s care in any comment boxes online or on paper payment forms.
Should Your Business Accept HSA and FSA Payments?
Many companies hesitate to accept HSA and FSA payments because they believe the processing fees are too expensive. This could not be farther from the truth – the discount rate paid should not be higher than average to accept this convenient payment method. Payment processing fees are a necessary cost of doing business and a small price to pay for timely collections. For example, receiving card payments link to an HSA or FSA account may very well be the difference of a patient paying at the time of treatment instead of mailing them an invoice to pay from.
Payment Savvy specializes in providing businesses with the ability to accept HSA and FSA payments via multiple methods. We can set your establishment up to allow this convenient method via online payment form, pay by text, IVR, or secure payment gateway. Please contact Payment Savvy today to review your options, apply for a merchant account, and obtain answers to your questions.