Not only do practices have to worry about the upcoming transition to ICD-10, it’s also essential to prepare for the switch to chip credit cards.
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Banks and credit card issuers throughout the U.S. will switch credit cards from strip-based to microchip-based cards in the next few months.
The cards are called EMV cards, named for the initials of the major card issuers that developed them (Europay, MasterCard and Visa).
What is the big deal?
Over half a billion of the microchip cards will be issued by the end of 2015, with many to be issued by October.
The cards are being used in an effort to improve security, but this means that you will need to convert your practice.
Unlike the ICD-10 conversion, there is no federal requirement for physician practices to switch to EMV cards, however, the change will be driven by credit card manufacturers and patients.
More importantly, there will be a shift in financial liability for fraudulent charges.
The liability switch will come from the agreements between credit card companies and businesses that accept credit card payments.
After October, if a fraudulent charge is made, your practice will be protected if using the new microchip cards. But be warned, if you are using an older magnetic strip reader, the liability will fall on your practice.
We help our clients stay organized and easily make the switch.
The cost of the new card readers is expected to be $200 to $300. Make sure your credit card reader is up to date by October 1, 2015 to avoid additional potential liability.
But remember – watch out for scams offering to train you or your staff. Turn to your payment processing service or a reputable seller to help with the transition.
In our next blog post, we will keep you informed of related issues. To get this important information delivered directly to your mail box, click here to Subscribe.
Do you need help staying current and compliant with the latest laws, rules and regulations? We can help. To contact us about your practice’s ICD-10 transition, microchip transition, employee training, or about your other legal needs: CLICK HERE.
P.S. If you or your patients are interested in consumer healthcare issues, check out myhealthspin.com.