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What is Medical Payment Solutions?
Medical Payment Solutions is an electronic payment processor with services designed specifically to help healthcare providers collect the patient portion of medical care.
For a low-monthly fee, you will have access to our comprehensive payment services and secure web-based MEDPAY payment processing software allowing you to:
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Set up payment plans that automatically withdraw payment from a patient’s credit card or bank account |
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Direct patients to your website or customized payment link to make payments online |
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Use the payment gateway to accept check and credit card payments over the phone |
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Send patient statements directly to a patient’s web address |
Our secure, hosted service is easy to use and inexpensive, with no costly hardware or software to purchase. All that is needed is a computer and internet connection. Medical Payment Solutions utilizes MyPayNet, a secure and powerful back-end payment processing product that was developed by My Payment Network.
How will Medical Payment Solutions benefit my practice?
Healthcare providers today are faced with rising costs and declining reimbursement along with the fact that patients are becoming responsible for a larger share of their own medical costs.
Our medical payment services allow providers to leverage the power of the Internet to process credit card and check payments electronically, improving patient collections, increasing cash flow while saving both time and money.
How do I get started?
The first step is to register your business online. This can be accomplished by pressing the Enroll Now link and completing the online registration form or by contacting a MEDPAY service representative toll-free at 866 562 7008. During the registration process, you will enter company information, company banking information and administrator information. Upon completion of the registration form an account is created in MEDPAY for the business and login credentials are automatically sent to the administrator. It is inactive until the registration process is complete.
How long does it take to process application?
The information given during the online registration process is used to help complete your full merchant applications for you, so when we deliver those to you it’s simply a matter of “signing” and attaching the required documents. You should receive your merchant applications within 24 hours. Once our underwriters receive all the needed information to approve your merchant account the process to get approved takes approx. 2-3 business days.
What about training?
The MEDPAY system is extremely easy to use. Once your provider account has been established, we work with you to successfully implement your new payment solution. This includes the initial set up of your new provider account, payment link and staff training.
No additional software is needed to run your new MEDPAY account, all that is needed is a computer with an Internet connection. Simply login to your provider account and you instantly have the ability to set up customized payment pages and process patient payments. One-time or recurring payments can be accepted by credit card of electronic check.
How secure is the MEDPAY system?
All MEDPAY sessions are encrypted with SSL encryption – the industry standard for e-commerce. All account data is stored encrypted in a dedicated secure server at a third-party hosting facility with security monitoring.
How do I get paid?
For electronic checks, the money is transferred directly from a patient’s bank account to yours. For credit card transactions, funds are transferred to your bank account through our credit card processor.
What are the fees?
Medical Payment Solutions’ comprehensive service has a simple fee structure. Providers pay a one-time set up fee and a monthly service fee plus transaction fees.:
| Set-up Fee: |
$250.00 |
| Monthly Fees: |
| Individual Provider |
$ 79.00 |
| Group Practice (multiple providers) |
$ 79.00 + $20.00 per additional provider |
| Facility (e.g. – lab, imaging ctr) |
$ 99.00 |
| Transaction Fees |
| Electronic Check/ACH |
$ 0.65 per check |
| Visa/MC |
2.69% + 0.30 per transaction* |
| *Some credit cards such as AMEX and Discover may carry a transaction fee higher than 2.69% + 0.30. |
What is AUTO-MEDPAY (recurring billing)? How does it work?
One of the most powerful features of the MEDPAY software is the ability to establish payment plans that automatically withdraw funds from a patient’s credit card or checking/savings account. Automated payment plans can be utilized in pre-treatment planning or to collect on past-due patient balances. Payment authorization forms are provided to help facilitate the establishment of payment plans and payment terms are established at the discretion of the individual provider.
Does MEDPAY provide a way for my patients to pay bills online?
Yes. To establish your online payment site we work with you to either insert a payment link directly on your current website or create a customized payment link through our website to accept online patient payments. Patients are directed to the web address through a message added to your paper-based billing statements.
What is a Payment Gateway?
The majority of in-house collection activities for a medical practice or facility are performed by a patient account representative or front office business staff. Our web-based MEDPAY payment software requires only a computer with Internet access and allows staff to process patient credit cards and checks as well as set-up automated payment plans easily and efficiently in one place. This eliminates the required effort to process phone or mail-in payments manually reducing staff time and expense while increasing the speed of processing payments. No more – “the check is in the mail”.
Am I able to send patient statements by email?
Yes. A powerful component of our MEDPAY software is the ability to not only receive payments online, but to deliver statements directly to patients through email. To send electronic statements you must have an email address and a desire for a patient to receive a statement by email. To facilitate the development of this feature, we work with you to establish an email adoption campaign to create awareness and gather patient email address. Typically, this is a gradual process and electronic invoicing is implemented some time after initial set up. Electronic invoicing can increase cash flow while reducing many of the costs associated with paper-based billing.
As an additional feature, once a patient email database is established, it can be used to inexpensively send practice newsletters, educational materials, announce new products or services, or send patient satisfaction surveys.
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