This whitepaper will explore the true costs for providers and patients of foregoing a card-on-file (COF) policy by first explaining why now is the time to rethink your provider financial policy, then discussing the specific complications caused by a failure to collect payment assurance. Finally, this paper will outline how to successfully implement a COF policy and collect payment assurance from patients.
Despite market research that demonstrates patients are open and willing to place a card-on-file to pay for out-of-pocket healthcare expenses, most providers are still not implementing these financial policies at their practices. Why? The surge in healthcare consumerism and the clear demand for a more retail-like experience at the doctor's office has clearly proven patients are more than willing to place a payment-on-file to cover co-pays and deductibles as well as any financial obligations post insurance claim adjudication. This whitepaper is an extension of an article I wrote in the January 2019 edition of the Healthcare Financial Management Association's monthly magazine entitled: "Applying