Should You Get a Healthcare Business Debit Card or a Healthcare Business Credit Card?Professional Services
Healthcare companies can better people’s lives, but they work best when they’re properly equipped to do so. Whether they’re building prosthetic devices, supplying medical consumables or actively caring for patients, these enterprises require tight organization and flawless oversight. If you’re like most corporate leaders who serve patients, providers and other healthcare stakeholders, then you can’t risk your mission getting sidetracked because your payment tools don’t live up to the demand for accurate financial management.
Which kind of payment method is best for your enterprise? Here’s a quick breakdown of the basics.
What are healthcare business credit cards?
Healthcare business credit cards share many similarities with corporate credit cards. Sure, they may include a few extra features that let them facilitate the needs of your particular industry. Unfortunately, they also carry many of the same failings that plague regular companies seeking payment solutions.
What do you risk by using typical business credit cards for your healthcare operations? For starters, there’s no way to avoid interest. Healthcare companies commonly employ complicated revolving expense cycles, so it’s not always easy to keep balances low. It can also be pretty hard to obtain approval for a card that meets your demands because you’ll have to go through credit checks. Even after getting through these checks, you’ll end up having to settle for credit limits that often make it extremely hard to use funds as you’d prefer. Mission-critical practices that should be simple, such as letting multiple employees have cards that they can use to make routine purchases, suddenly become far more complicated.
What should you know about the healthcare business debit card alternative?
Going without flexible payment tools simply isn’t an option for most healthcare companies. Running practices means keeping consumables stocked, and clinicians need to fill their offices with supplies. Labs and other facilities routinely have to pay vendors who provide compliant EHR management software and other tools.
Healthcare companies don’t exist in a vacuum, so your payment practices need to be functional and efficient. Instead of trying to sustain regular fund-draining credit cards, you can switch to healthcare business debit cards to take advantage of options like the
- Ability to give your workers their own cards so that they can manage offices, clinics and practice locations with true autonomy
- Power to track which of your cardholders are spending money on a minute-by-minute basis
- Freedom to set specific limits on spending and even designate which kinds of transactions each card can be used to conduct
- Reporting tools you need to generate and share accurate insights into the ways your enterprise spends money
Pick the right healthcare business prepaid card.
Healthcare business debit cards are powerful tools with the potential to change healthcare finance from the ground up. Of course, as with any critical business asset, it’s worth learning how to use yours properly.
The easiest way to transition to a better payment system is to choose one that empowers you to customize your spending habits. Each practice, office, clinic, lab or device manufacturing facility is unique, so your healthcare business prepaid card should lend itself to straightforward, hassle-free integration with
- Upfront fee structures and transparent pricing
- Secure reloading, spending and monitoring using encrypted SSL technology
- Bespoke data analysis and trend tracking
- FDIC-guaranteed insurance for larger purchases
Bento for Business keeps healthcare moving into the future with all of these features and more. Find out how a healthcare business debit card strategy might bring your healthcare admin practices to new heights today. Find out more by starting a 60-day free trial or by calling 866.220.8455.