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Industry Regulations

Industry Regulations

Additional Regulations Can Impact Your Business

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What it Means

The federal government, the IRS and the payment industry itself each continue to issue rules and guidelines with the goal of protecting all parties involved in electronic transactions — cardholders, merchants, processors and issuing banks.

Why it Matters

Rules and regulations can provide valuable safeguards to your business, and taking advantage of them will help keep your business protected and competitive.  At the same time, failure to comply can lead not just to increased risk, but to increased expense and damage to valuable patient relationships.

What We Can Do

Rectangle Health stays current and compliant with all regulations, and we believe our healthcare providers should as well.   Some of the latest regulations that impact healthcare businesses include:

  • IRS Mandate (Section 6050W). Healthcare providers are required to report annual gross payment card transactions processed by credit, debit or co-branded cards and third-party network transactions to their merchant services providers, which pass the information to the IRS.

  • Durbin Amendment. To protect businesses from exorbitant rates, the federal government has passed laws that control the debit card interchange fees Visa® and Mastercard® can charge merchants.

  • Global standards created by a group of Card Associations to maximize the security of credit card data.  Learn more here.

What You Should Do

Instead of learning a new skill outside your area of expertise, let an outside expert protect your payment practices and your customers’ data.  Find a vetted and proven professional that understands the unique needs of healthcare providers

“We are an extremely busy optometric practice, and we are always very conscious of business costs.  We use a practice management software and couldn’t believe we could start updating payment directly into the patient ledger and securely keep patients credit card information on file.”

-Optometry Group, Bay Area

“We’re writing to show our appreciation for Rectangle Health.  Initially, I doubted some of the features that were promised, but you guys delivered.  The web payments and payment plans are easy. The ease of email receipts and vaulting cards are great for our Billing Department.  I would recommend any colleagues use your system without reservation.”

-OB/GYN Office, Grapevine Texas

“We have been very satisfied with the degree of customer service and professionalism we have received in the process of switching from our previous processing company to Rectangle Health.”

-Practice Manager, ENT & Audiology, Southlake Texas

“I had been told by many companies that they could integrate into our software, but once they came out and met with me, I could see they really could not do what they said…. Rectangle Health could not only seamlessly integrate with my software as they stated, but they could offer substantial savings each month.”

-Dental Office Manager, Southlake Texas

“We have been a Rectangle Health client for over 3 years now and we’re pleased to say they lived up to their word; from saving us hundreds of dollars in overall monthly fees to even going so far as to customize their online Practice Management Bridge for a special feature we requested.”

-Retina Consultant, Connecticut

“I would like to compliment Rectangle Health.  The customer service has been top notch and your representative is always quick to return our calls.  The payment software is great and has made collecting form our patients so easy.  We would recommend any medical practice to use Rectangle Health!”

-Chiropractic & Acupuncture, Denver, Colorado

“Since we started to use the program, we have had an immediate and noticeable improvement in patient payment at the time of treatment.  Transitioning to Practice Management Bridge has alleviated hours of extraneous work that was unavoidable with our previous retail terminal.  In addition to the invaluable improvements in our practice management, Rectangle Health has saved us money by lowering our processing rate.”

-Office Manager, Cosmetic Dentistry, Solana Beach, California

Learn more about the Rectangle Guarantee.

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