In this episode, Eric Cohen of Merchant Advocate explains the critical need for orthodontic practices to understand credit card processing fees. He emphasizes the impact of hidden fees and offers strategies to monitor and reduce costs, ultimately enhancing practice profitability and valuation.
Ensuring good payment processing hygiene is essential for maximizing the valuation of your orthodontic practice, especially when considering a sale to private equity investors or outside buyers. Poor payment processing can lead to unnecessary costs, impacting your practice’s long-term value. In this final article of a series of 4, we explore how auditing and reducing card processing fees, correcting coding errors, and improving data handling can save you significantly and enhance your practice’s overall valuation. Don’t let poor payment processing hygiene harm your practice’s future.
Orthodontic practices increasingly rely on practice management and EMR software to enhance efficiency and data security. However, these platforms can lock practices into specific payment processors, increasing costs. In this third article with Orthodontics Products, we explore how regular software updates and diligent monitoring of credit card statements can prevent avoidable fees and compliance issues.
Orthodontic practices face unique challenges in navigating Payment Card Industry (PCI) compliance, which is crucial for protecting payment information and avoiding significant fines. While HIPAA covers patient medical records, it does not ensure PCI compliance, necessitating adherence to both sets of standards. In this second article of a series of four, we will explore the key steps your practice needs to take to safeguard sensitive payment data, including implementing PCI DSS’s 12-step checklist.
Orthodontic practices often incur high costs from credit card processors due to inflated fees and additional charges, significantly impacting their finances. By understanding and auditing merchant statements, practices can mitigate these expenses and optimize financial outcomes. In this first article of a series of four, we explore strategies such as negotiating with current processors and considering cash discounts or surcharges, offering practical tips to reduce these fees effectively.