Independent Practice Leverages EHR To Implement ‘Credit-Card-On-File' Program, Shoring Up Cash Flow
Things began to change for Orthopaedics & Rheumatology of the North Shore (ORNS) once our small, independent practice realized we could no longer afford to operate as a defacto bank for patients.
Like other provider groups across the nation, our Skokie, Illinois-based practice has been grappling with an ever-increasing mix of patients who hold high-deductible health plans (HDHPs). While HDHPs may benefit health insurers’ bottom lines, they can have the effect of severely hampering providers’ cash flow – especially small groups, like our four-provider practice.
We recognized that in order to preserve the practice’s financial health, we needed to implement a “credit-card-on-file” program. We knew that we couldn’t afford to continue supporting the impact that high-deductible health plans were having on our cash flow, especially when our patients’ deductibles average around $3,000.