Telemedicine has become a great option for people who are on the go or farther away from their physician of choice. Because telemedicine is digital, this can be a convenient way for people to receive medical advice and services without having to leave their homes. Unfortunately, telemedicine providers are considered high-risk merchants. 

This comes with a few drawbacks, particularly in the payment processing area. 

What is telemedicine? Why are telemedicine providers considered high-risk merchants? What can you do for your telemedicine business when it comes to payment processing? Let’s find out now. 

What is Telemedicine? 

Telemedicine involves providing medical diagnosing and other services through technology. This can involve communicating through web cameras, applications, phone calls, and other forms. Of course, there are regulations in place for this industry. However, telemedicine is appealing because patients can connect with their physicians instantly without having to leave their homes. Some of the services provided through telemedicine include:

• Pre Screening patients for possible infectious diseases, like the flu 
• Regular appointments with internal medicine or pediatric providers 
• Psychiatric appointments 
• Lab tests or X-ray results 
• Prescription management 
• Recurring conditions like migraines 

Telemedicine can strengthen doctor-patient relationships without having to meet in a clinic or private practice. 

Why are Telemedicine Providers Considered High-Risk Merchants? 

Because the telemedicine industry has grown vastly, so has the number of participants, and ultimately the risks associated with this industry. Telemedicine providers are considered high-risk merchants because telemedicine has a higher number of chargebacks compared to other industries. A patient who went through a telemedicine service may initiate a chargeback if: 

• The meeting did not end in their favor (i.e. they did not receive the option for a specific treatment or prescription) 
• There were technological problems, such as camera quality issues, phone call problems, etc. 
• A prescribed medication or treatment is delayed or arrives damaged 

Additionally, because medications can be prescribed through a telemedicine session, banks and payment processors see a higher level of risk within this industry. This is why many telemedicine organizations have a hard time finding the right Payment Processing Company for their operations. they cannot go with just any popular payment service platform, as their accounts run risks of being shut down and their funds being inaccessible to them.

What Can I Do For My Telemedicine Business? 

If you are a telemedicine provider looking to obtain a secure payment processing service, you will want to go with a company that has the background of having worked with high-risk merchants. A company that works with high-risk merchants will not put unnecessary restrictions in place for your merchant account. You will be able to operate with ease, and you may find that a company that has experience with high-risk supplement and wellness businesses can offer further solutions for your business outside of payment processing. 

Benefits of Working With Different Companies Dedicated to Health and Wellness Groups 

Because a lot of smaller industries within the health and wellness industry are considered high-risk, working with companies who specialize in this industry is key. These types of companies have the experience of having worked with high-risk merchants, and use resources to be able to provide reliable payment processing services to sellers and organizations. Some of the benefits of working with these types of companies include:

• Being able to operate your business without worrying about suddenly losing your account 
• Safe and reliable payment processing that establishes further interest and trust for your patients 
• Additional fraud and risk management solutions to actively work to prevent chargebacks and fraudulent transactions 
• Possible solutions for your organization that can enhance community engagement, outreach, and increase productivity within your business 
• Further design, development, and marketing solutions that can boost your business or organization 

Telemedicine could be considered a risky industry, but it doesn’t have to be for your organization. When you work with companies that have the background of providing services to high-risk merchants, you can be reassured of the solutions being offered to your business, as they are tailored just for your industry.

Connect with Relevant Health!

Are you a telemedicine provider looking to find the right payment processing service? Have you been needing to up your digital marketing efforts, as well as the design of your organization’s websites? Whatever your telemedicine practice needs, connecting with companies such as Relevant Health can be vital. Relevant Health is a dedicated company that has been helping fitness and health businesses through a variety of solutions.

Get started on securing your telemedicine business and further developing it for your patience. Contact Relevant Health today!