5 Benefits of Running a Cashless Business

As many practitioners settle into the new normal established by the global pandemic, a cashless business has turned from a choice to a necessity. On the bright side, a cashless business comes with many upsides that not only save time—and abide by physical distancing rules!—but can lead to the improved financial performance of your business.

Perks of a Cashless, Virtual Private Practice

Here are five upsides of running a cashless, checkless, and swipe-less private practice.

1. Minimize person-to-person contact.

This one might seem obvious, but physical forms of payment, like cash, is one of the dirtiest things you can touch. Time Magazine disclosed that “paper money can reportedly carry more germs than a household toilet. And bills are a hospitable environment for gross microbes: viruses and bacteria can live on most surfaces for about 48 hours.” 

Even worse, Time writes that “paper money can reportedly transport a live flu virus for up to 17 days.” As much as the gross factor is real, foregoing in-person payments can have a positive impact on slowing the spread of the coronavirus. 

2. Expand client reach.

Whether you’ve already been offering telehealth or just got started, this new reality presents a unique opportunity to expand your client reach. The Employee Benefit Research Institute conducted a survey that spotlights a growing trend in client care: 40% of millennials regard telehealth services as an “extremely or very important option” versus baby boomers at 19%. 

Millennials’ online preferences have influenced everything they do—from how they seek healthcare services to how they make transactions. By offering online payments and virtual care, you can increase accessibility and engage with a wider range of clients.

3. Maintain secure transactions.

Now that so many practitioners have transitioned into full-time remote work, online payments have become critical revenue streams. Of course, credit cards are inherently more secure than cash payments, but keep in mind that accepting payments online can add another layer of complexity. 

To avoid any data breaches with online payments, make sure your practice management software offers a PCI-compliant credit card processor. This means payments meet the criteria required to keep you and your client’s private information safe. 

SimplePractice’s credit card processor is Stripe—a fully PCI-compliant payment solution that lets you store credit card details with bank-level security. With security and pricing top of mind, Stripe proved to be the best solution. Secure transactions can minimize stress and offer peace of mind for both you and your client. 

4. Maximize the value of your EHR.

Sophisticated EHR solutions, like SimplePractice, already offer an integrated online payment solution. Online Payments in SimplePractice streamlines all of your credit and debit card transactions. Clinicians can even create and send billing documents—like invoices, statements, superbills, and CMS-1500 forms. Plus, SimplePractice customers can have clients make payments directly through their online Client Portal, which can be accessed from anywhere, anytime. 

If your practice management software has an AutoPay feature, enable it. You can save countless hours, avoid awkward payment conversations, and reduce unpaid appointments. SimplePractice’s AutoPay feature gives you the flexibility to enroll the clients who choose to opt-in. It even sends out a summary email each evening to make sure everything is accurate before it gets sent to your client.

5. Improve your financial management.

Ultimately, a cashless business simplifies your finances. Bookkeeping lies at the center of your business because it delivers key insights to your practice’s financial performance. 

Whether you hire a professional or do it yourself, proper bookkeeping doesn’t have to be difficult or complicated. And now may be a good time to tidy up your books since the tax deadline has been extended to July 15^th.

Download our Guide to Bookkeeping in Private Practice, for step-by-step solutions to a better bookkeeping process. This guide addresses the unique needs of private practitioners and shows how SimplePractice plays an integral role in better financial management.