OfficeSafe Pay is positioned to help healthcare professionals combat rising credit card processing fees and ongoing compliance requirements.
SANTA MONICA, CA, UNITED STATES,
PCIHIPAA developed OfficeSafe™, a compliance platform to help medical and dental practices comply with stringent Payment Card Industry (PCI) and Health Insurance Portability and Accountability Act (HIPAA) regulations. Today, PCIHIPAA expands its suite of services to include OfficeSafe Pay, to help healthcare professionals maintain PCI compliance, and save money on excessive credit card processing fees. OfficeSafe Pay provides a level of confidence to ensure that medical and dental practices are staying current with stringent Payment Card Industry (“PCI”) and HIPAA privacy requirements, while not overpaying for rising credit card processing fees.
According to MarketWatch, credit card interchange fees have doubled over the last eight years. As such, the cost of accepting credit cards eat up between 3% and 4% of all revenue, and the majority of these fees are paid to the customer’s credit card issuing bank. Interchange fees supplement the cost of managing customer’s credit card reward programs and airline miles. And for the first time ever, banks are earning more in credit card processing fees than they are in overdraft fees. For most businesses, credit card processing is a proven necessity. However, for healthcare providers that necessity carries additional requirements and considerations.
Now, instead of paying for their patient’s airline miles and reward programs, our clients may elect to distribute that cost. On average, a practice can experience savings of $8,000 or more per year.”— Jeff Broudy CEO, PCIHIPAA
Every healthcare provider that accepts electronic payments is considered a covered entity under HIPAA. The HIPAA Privacy and Security Rules define safeguards that healthcare providers must implement to protect the safety and integrity of their patient’s protected health information. In addition, PCI requires another level of compliance to keep patient information secure. For healthcare providers, the compromise of a patient’s credit card information may also be considered a HIPAA violation, and inherently exposes practices to greater risk.
Many practices struggle with implementing compliance requirements. Regulations now require medical practices to accept payments through an EMV device to eliminate fraudulent chargeback liability. An EMV device allows patients to pay via a chip card instead of swiping their card to ensure greater security. In addition, many credit card processors are penalizing healthcare providers for not being PCI compliant. OfficeSafe Pay is designed exclusively for medical and dental practices that often struggle with compliance requirements and need payment solutions designed specifically for healthcare providers.
“For years dentists and doctors have been overpaying for credit card processing and PCI fees. We launched OfficeSafe Pay primarily to save our HIPAA compliance customers money. With the launch of OfficeSafe Pay, our practices can enroll in our 0% processing program. Now, instead of paying for their patient’s airline miles and reward programs, our clients may elect to distribute that cost. On average, a practice can experience savings of $8,000 or more per year.” said Jeff Broudy, CEO of PCIHIPAA. Broudy adds, “With OfficeSafe Pay our customers now have a choice to pay for their interchange fees or not. We deliver peace of mind that their payment processing is secure, compliant, and priced fairly.”