Orthopedic medical billing and hospital billing, in general, is an important aspect of any healthcare organization. Physicians are also obligated to keep their patients’ medical, personal, and financial information private and safe, an uphill task if one does not take the right measures.
It is important to make sure that this information is safe from infringement by external parties which may misuse it. In the event of a privacy leak, your reputation as a healthcare provider is also affected negatively.
While it is dangerous for third-party entities to access any patient’s personal information, some exceptions are made. A case in point is when the hospital or clinic has to share protected health information (PHI) to third parties like insurance companies and other authorized providers.
There are also access points that exist when the facility enables electronic payments from its patients, leaving valuable data exposed.
Electronic payments are quickly becoming the most common method of paying. Billions of dollars worth of medical bills get settled through different electronic mediums, presenting an urgent need for improved security.
One solution is using point-to-point encryption or P2PE which encrypts data captured during payment. This data is only decrypted when it reaches a secure point and the payment data is isolated.
Another solution is using EMV chip card terminals which stands for Europay/Mastercard/Visa. These three companies have developed a safer way to transfer money by introducing a chip in the card. With this advancement in the last quarter of 2015, the liability of fraudulent transactions using cards without chips shifted from the card companies to the merchants. Installing EMV chip card terminals in health facilities is crucial when accepting payments like orthopedic medical billing with a reduced risk of fraud.
The third solution is to deal with payment platforms that have certification and good standards for handling protected information and maintaining secure financial data exchanges. It is important to ask for credentials that have been independently validated by reputable security firms and industry organizations.
Security and Trust
Providing secured orthopedic medical billing and general billing to patients provides a trust base where the patients have peace of mind as they make payments.
This is common knowledge, with a whopping 90% of providers saying that payment security is of utmost importance when collecting payments from patients. Take the necessary steps to ensure there are no costly and embarrassing breaches in your system.