Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are an effective and popular way for patients to pay for healthcare expenses. However, not all payment platforms can process HSA and FSA payments. To process credit and debit cards that are linked to an HSA or FSA account, your merchant provider must underwrite your business correctly and approve you 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 a profitable addition to your medical practice or collection agency. Most patients have health insurance; however, it is likely that they will also need to pay for a portion out of pocket as well. 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 amount 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 that relate 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 are hesitating 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 credit card or debit 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 the 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 to obtain answers to your questions. We look forward to hearing from you and working with your company.
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