Virtual Doctors’ Visits Will Double in 5 Years You’ll Need a Virtual Doctor Merchant Account

Nov 02, 2015

Healthcare has finally come to the 21st century. Thanks to the integration of technology and medicine, the field of virtual medicine is set to boom in the coming years. The number of virtual consults is steadily growing 10% a year. In fact, consultations between patients and health care providers are predicted to double in the next five years in the United States. Specialty consultations like dermatological visits are expected to jump from 14.5 million to 21.5 million, according to the analytics firm IHS.

Roeen Roashan, a medical technology analyst with IHS, says that patients are definitely pushing for virtual consultations. The report continues to predict that video consultations will be driven by the primary care market as insurance coverage is rapidly growing. This rapid growth will translate to nearly 25% a year over the next five years.

Virtual health care gives patients access to higher quality care from physicians, and bypasses costly emergency room visits for fairly minor issues. It can also be a way to get a quick answer to an existing treatment regimen. Virtual visits are one way that consumers can save money in the long term. According to a new study at the University of California, San Francisco, the estimated cost of health related expenses due to non­adherence to doctors’ orders is between $100 billion to $289 billion annually.

Consumers aren’t the only ones excited about virtual health care. Health insurance companies are also ready to invest in this evolution. Organizations like Cigna (CI), UnitedHealth (UNH), Aetna (AET), and Anthem (ANTM) are expanding coverage and offering virtual options to employer clients. UnitedHealth announced plans to offer “virtual doctor’s visits” to nearly 1 million members. Services include Doctor on Demand, Now Clinic and American Well.

Virtual doctor’s visits will change the landscape of health care forever, making it more affordable for patients and businesses. If you are a merchant who wants to bring more efficient health care solutions to your employees and cut costs, consider implementing a virtual plan. To open your virtual doctor merchant account, contact the high risk industries experts at EMB. EMB specializes in creating and maintaining virtual doctor merchant accounts. Start your account today.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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