• Setting Up Long Term Wealth Through Payment Plans



    How well does your practice protect its patients’ information?

    It’s an important question, and one too few physicians ask themselves.

    Too often, sensitive patient information (like a credit card and social security number) is simply left lying in the office.

    How do I know?—because I’ve seen it.

    In fact, I remember one instance where a crooked office administrator was earning a pretty-penny on the side by selling patients’ information to identify thefts—the private patient information was all too easy to access.

    Frightening stuff…

    In this episode, I interview Tom Cooley, founder of Go CardConnect.

    CardConnect is a secure payment platform that encrypts client credit card data from the moment it leaves the reader—which means no sensitive data is left unprotected on office computers.

    The unfortunate reality is this—we live in a world where hacking and stealing private data is a constant threat. As the owner of a medical practice, you can held liable if the court finds your office negligent in a case of identity theft.

    So, if you’re concerned about protecting your clients and yourself, this is the episode for you.

    I want physicians to become masters of more than medicine—I want them to become masters of every element of their practice. That means understanding risk and security. Listen as we break down the most common security threats that medical offices face, and exactly how CardConnect can make your practice more secure.

    As I use CardConnect to handle all my payment plans, I’ll also be sharing some personal anecdotes from my experience with this technology, including how I store patient data on an automated, encrypted form, which means I only have to request payment once even when a patient is on a monthly payment plan. It’s an amazing function, and one that’s allowed me to grow my revenue stream.

    Before you listen to this episode, ask yourself these questions:

    • What systems am I using right now to protect my patients’ data?
    • How much do I risk by not protecting data?
    • How difficult would it be to transition from my old payment system to a new, secure one?
    • Am I interested in setting up long-term payment plans with patients?

    Have those questions answered?—great. Now you’re ready to listen to me quiz Tom about CardConnect and the value it brings to medical practices.
    06:20 – Joe introduces Tom Cooley, the founder of Go CardConnect
    07:30 – Discussing CardConnect, a payment platform designed to protect client data
    09:40 – “There are so many practices where credit card information is just lying around”
    10:50 – Why is it so important to protect patients’ credit information?
    11:40 – “Fraudsters are out there looking for vulnerability on a daily basis”
    13:30 – People are constantly trying to hack into websites to access patient data
    14:11 – Even if you don’t have patient data stored, there may be weak links in your system
    14:50 – Joe consulted in an office where an office assistant was on-selling patient information
    15:30 – It’s vital to have a secure way to store information
    16:20 – How CardConnect is used
    17:35 – “Why should I switch from an EMR system that my staff are trained in?”
    18:30 – If your integration is more than 18 months old, there are likely to be weak points
    19:45 – With an EMR system, credit card information is stored on a computer’s Notepad. CardConnect is different because data doesn’t enter the practice’s computers.
    21:30 – It takes liability away from practice owners
    22:00 – Why is it relevant to practice owners?
    22:30 – It’s possible to securely store encrypted credit card data for future transactions
    23:00 – Payment plans can be completed without having to reach out to patients again
    23:40 – Joe’s staff were able to learn to use CardConnect within a couple of hours
    25:00 – Tom explains the onboarding process
    27:00 – It’s possible to generate data reports and analytics using CardConnect
    28:20 – “What are the fees associated with CardConnect?”
    31:30 – CardConnect bases its fees on price transparency – fees are adjusted with the market
    32:40 – Joe’s experience: He was paying up to 6% on Paypal – that’s been drastically reduced
    35:00 – Collecting a recurring payment
    35:20 – Joe’s practice now allows monthly payments on urgent treatments that patients can’t afford up-front
    37:00 – It’s very simple to set up payment plans in the CardConnect platform
    39:20 – Managing new terminals and devices
    40:45 – “What about patients fighting credit card payments?”
    41:10 – One patient wasn’t receiving her Medicare payments and froze credit payments
    44:10 – Traditional companies like Paypal and Square will return payments without consultation
    45:20 – They’re focused on managing their own liability
    46:00 – On the CardConnect platform, the first reaction is to reach out for more information
    48:00 – Aims to preserve relationships between client, provider, and practice
    49:30 – Joe’s experience in London: taking credit cards improved patients’ experience
    51:20 – Go to http://www.gocardconnect.com/private-practice-patient-payments for more information
    52:08 – Phone number is 1-888-800-6219 for the sales department