The looming switch to ICD-10 this fall isn't the only financial transition affecting medical practices in the future. U.S. banks are stepping up security to reduce fraud by switching from strip-based to microchip-based cards by the end of the year.
That means you need to think about buying and reconfiguring your credit-card processing equipment and software. According to a May 22 Modern Healthcare article, a typical countertop terminal runs $200 to $300.
While the federal government hasn't mandated that private businesses convert to microchip-based cards, many patients will want to pay with them. And many businesses, including medical practices, will feel pressure to adopt the more secure payment method. According to the Modern Healthcare article, hospitals and medical practices still using an older magnetic strip reader after October 2015 will be liable for charge-backs. Businesses accepting chip cards through chip terminals would be protected from financial liability through their agreements with credit card issuers.
Watch out for scams. Earlier this year, the TMA Knowledge Center became aware of physician offices receiving calls from a "credit card company" saying they needed to switch to a "medical credit card system" and pay for training. Instead, when you are ready to change over to EMV technology, turn to your payment processing service (for example, TMA's endorsed vendor, TSYS®) or whatever reputable seller or equipment leaser you would normally go to for a payment terminal.
Action, July 15, 2015
Last Updated On
October 13, 2017