The Vault feature enables you to securely store a patient's encrypted credit card information for future payments, also known as Card on File.
Storing a Card on File in Vault is a familiar concept for most patients—they already do this when booking a hotel or subscribing to services. Offering to store a Card on File in Vault at your practice, or even making it a standard policy, provides the same convenience but with enhanced protections like HIPAA compliance.
About Pre-Authorized Healthcare Forms
When you store a patient’s card on file for recurring or future charges, the Pre-Authorized Healthcare Form (PAHCF) in Bridge Payments is used to capture the patient’s consent and may help protect against chargebacks. These forms capture information electronically and are kept on file for future reference.
Vault Use Cases
Your practice can utilize the Card on File in Vault feature for a wide range of transactions such as:
- Office visits
Instantly charge patients for office visits and/or co-pays without having to physically swipe the patient’s credit card every time. - No shows or cancellations
Collect fees automatically for missed appointments or late cancellations, depending on your policies. - Recurring payments
Process fixed payment amounts, agreed upon with the patient. - Repeat treatments
Easily charge cards on file for fees associated with ongoing services or treatments.
Vault Benefits
Practice Benefits
- Improved cash flow
Storing a Card on File in Vault means you can implement faster billing and collection processes, especially for recurring payments from repeat treatments. - Better patient experience
Patients want convenience. Build loyalty with a fast, easy, and secure way for patients to pay. - Secured storage
Card on file storage is encrypted, HIPAA-compliant, and helps protect patient data. - Reduced staffing strain
Automatic billing reduces the administrative burden associated with manual payment processing, paper invoicing, and chasing outstanding balances.
Patient Benefits
- Convenient
Securely store payment information for future visits or recurring payments. - Avoided late fees
Prevent outstanding balances by ensuring payments are processed on time. - Fast
Reduce wait times so check outs can happen in seconds. - Secure
Payment information is protected by advanced encryption where not even the practice can view stored card information.
Best Practices with Patients
Patients have a lot on their minds. Here's why they value the convenience of keeping a Card on File:
- Manage Card on File in Vault for the family.
Make it easy for families by storing one Card on File in Vault for all appointments. This way, teens and other members won't have to worry about payments during and after their visits. - Include Card on File in your policies.
Add a Card on File in Vault as an option in your cancellation policy or general policies, allowing patients to opt out if desired. - Store cards during in-person appointments.
This allows for a secure, in-person signature and avoids the need to provide card information over the phone. - Lead with a more effective prompt.
Instead of asking, "Would you like to put a Card on File?", ask "Which card would you like to put on file?" - Reassure patients about privacy by comparing it to familiar scenarios.
Have them think about it like storing their card on Netflix or Uber, but with even stronger protections in place. Patient card information is encrypted and HIPAA compliant, ensuring privacy. - Address concerns surrounding large charges.
Ease this concern by informing the patient that they choose the maximum amount agreed upon in the Pre-Authorized Healthcare Form (PAHCF), and they will receive notifications before any charges are made. - Notify the patient before charging the Card on File in Vault.
Let patients know the amount you're charging before doing so, keeping transparency and trust at the forefront.