Spending Too Much on Processing Payments? (Hint: definitely!)
This month we are spotlighting Coherent Healthcare. Run by former clinic directors, Coherent helps clinics save time and money on payment processing. They specialise in helping healthcare clinics improve profit with lower cost, efficient payments, and they are delighted to share some words of wisdom with all Consulting Room clinics.
Make payments a value driver
There are many pitfalls around payment acceptance, all of which contribute to wasting time and money:
1. Over-reliance on practice management software
What practices think they get in efficiency (e.g. integrated payments with practice management software), they can lose in flexibility and cost. Just like you source specialist equipment for different medical procedures, you should similarly source payment products geared towards healthcare clinics for your practice.
2. Legacy tools
There has been extraordinary innovation in payments in recent years. As the economy transitions to digital-first, some payment companies have met the call to modernise, where others have failed. If you haven’t explored modern payment solutions and instead rely on the same brand names that have been around since 2010, you’re likely leaving value on the table.
3. Paying too much
Everyone loves Amex. Except, no one ever stopped seeing their healthcare practitioner because Amex isn’t accepted. Your patients’ preferred methods of payment should not influence your business decisions. Amex tends to charge significantly more than standard Visa/Mastercard transaction fees, so we would recommend not accepting it. We encourage you to avoid the Amex tax on your business.
4. Too many gateways
We often see practices that rely on too many payment acceptance products: point of sale/card machine, online booking, direct debit, bank transfer, and cash. Each additional payment gateway creates inefficiency and bloat in reconciliation. Payments made right should be seamless for patients and cost- and time-effective for practices. Don’t underestimate the time savings that come from having all payment data in one place. Managing many payment methods: direct debit, card payment, and pay by bank, isn’t necessarily a problem if you can manage everything from 1 portal.
And that’s where Coherent comes in…
Why switch to Coherent Healthcare?
Healthcare practitioners choose Coherent for a host of reasons:
- Cost Saving: Overall and most importantly, lower cost to take payments
- Ease: Remote payment links and in-clinic card machine payments.
- Efficiency: All payment types in one place – card payment, direct debit, bank payments.
- Accuracy: Every payment has a client ID and status.
- Support: <5 minute white-glove support from people who know healthcare and who work directly with reception/PAs to resolve issues.
Let’s dive into the two top benefits: saving money and ease…
Saving money
The main benefit of switching to Coherent is savings: lower cost payment processing. Clinics report as much as 90% savings per transaction. Unlike other modern payment providers which charge set fees, Coherent passes through underlying payment costs (those charged by Visa/Mastercard and the corresponding bank). This pricing is known as Interchange Plus and allows clinics to benefit from paying the true cost of the card used.
In addition to lower card fees, Coherent offers Pay by Bank as an alternative to card payment, where fees are as low as 0% + 30p per transaction, irrespective of the value. This instant bank transfer allows clients to pay by scanning a QR code that links to their mobile banking app. The savings are significant, especially for high-value transactions. As an example, Pay by Bank on a £1,000 payment can cost you as little as 30p whereas that same payment taken by card would have a fee of £14-20. These savings add up over time, with clinics enjoying £1000s in savings over the course of a year.
With Coherent as your payment partner, we like to think of ourselves as an extension of your team: monthly reports sharing insights around your payment mix with helpful hints on how to reduce payment fees further. And we’ll always be on-call at no extra cost for any questions regarding your financial operations.
Easy to change, easier to start
We begin any conversation by asking for your current payment statements to ensure we’re offering you the best possible rates.
Once you’re happy with our proposal, it takes less than a day to switch over to Coherent.
Once live, you can contact us 24/7 over WhatsApp, email or phone, and we aim to respond within 5 minutes.
Exclusive offer
From October-December, Coherent is offering a complimentary Coherent Quality Score audit (worth £2,000) to all Consulting Room clinic partners. The team will conduct a comprehensive review of your payment processing costs with the aim of helping you recapture hard-earned revenue. Simply reach out at hello@coherenthealthcare.com, mentioning ‘Consulting Room’ in your enquiry.
Don’t just take our word for it
“I have had the pleasure of working with Coherent Healthcare since December 2023, and I cannot recommend them highly enough. As a healthcare professional running a busy clinic in Chelsea, I don’t have time to worry about financial operations like payment processing and insurance claims. Their team demonstrated an exceptional understanding of my clinic’s needs and circumstances, providing invaluable support throughout the process. They provided an audit of my current payment setup, making improvements on my then-current provider, Square, such as implementing Pay by Bank, lowering card fees and offering remote links for payments. I highly recommend them to any healthcare practice looking for best-value payments processing and billing.”
– Dr Chaban, London, August 2024