How to Keep Your Finger on the Pulse of Your Practice Finances

As a practice owner or manager, it’s essential to know your financial position immediately at any point in time. This is why integrated payment processing is so valuable. One of the key advantages of integrating payment processing with your practice management software is that you get transaction visibility instantly. This means you can track your practice revenue in real-time.

Not only this – an integrated payment solution also gives you up-to-date, robust reporting, which helps you see and understand your practice financial metrics quickly and easily. Plus, since payments are recorded automatically, the data is ready to be sliced and diced right away. This gives you access to meaningful insights that help you keep pace with what’s happening with your practice finances.

Finances are the lifeblood of your practice. Read on to see how integrated payments unlock the advanced reporting you need to effortlessly manage your payment acceptance finances.

1. Transaction reports

This intuitive report allows you to quickly review each transaction by payment type, with the date, time and value of payment as well as the client or patient the transaction is associated with. This no-nonsense report makes chargebacks, inventory reconciliation and charging a provider’s time against a client invoice a breeze.

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2. Chargeback reports

Payment disputes happen. Don’t get caught off guard. When an issuer refunds a client’s debit or credit card the amount of a transaction charged at your practice, simply access your transaction report and all the information you need to validate the charge is at your fingertips. Responding to chargebacks (disputes) within the shortened time-frame mandated by the card brands has never been easier.

Pro Tip: If you’re noticing a higher than expected number of chargebacks this may indicate that the charges appearing on your clients’ financial statements don’t clearly state who and what the transaction is for. To fix this you simply need to adjust the transaction information in your payment processing system.

3. Decline reports

A declined payment is not only embarrassing for your client; it directly impacts your practice’s bottom line. Often a decline occurs with direct debits when a client doesn’t have enough money in their account to cover the amount of a recurring transaction.

Keep on top of client declines and protect practice revenue by accessing decline reports to view declined transactions and resolve the payment with the client.

4. Expired card reports

Don’t let expired cards on file keep you from the revenue you’ve earned. Proactively manage cards nearing expiration using expired card reports. Advance notice of when a client’s card is due to expire enables you to get in touch with the client for updated information before a recurring payment declines.

Reporting on your payment transactions is crucial for keeping your finger on the pulse of your practice’s financial health, cash flow, and profitability. Detailed, up-to-date reporting lets you catch and rectify payment errors as they occur, helps protect your financial stability and delivers the information you need to take a proactive approach when payments don’t go as planned.

Learn more about integrated Payment Processing from Covetrus by completing the form at the top of the page.