Many people who need medical treatment have no insurance or high insurance deductibles that require significant out-of-pocket payments. For this reason, they delay receiving the care that they need longer than they should. An effective answer to this problem is patient financing. This funding solution involves financing platforms assisting healthcare providers by offering patients affordable monthly payment options for their medical expenses. Here are some of the benefits of patient financing.
Strengthen Cash Flow
Healthcare practices face continual costs such as employee salaries, supplies, and equipment. Patient financing partners often offer you the option of upfront payments, which keeps cash flow strong and steady.
Using a third-party partner for patient financing frees your staff from the responsibility of focusing on payment collections. Instead, they can invest their time intending to the healthcare needs of your patients and leave the tedious process of collecting debt to others. The professional assistance in debt collection you receive will also mitigate the danger of accumulating bad debt.
Relieve Financial Pressure on Patients
Research shows that financial stress can have a significant negative impact on health and wellness. This situation is exacerbated by people putting off urgent treatments because they feel they cannot afford them. Many Americans are unable to qualify for traditional loans. Offering patient financing relieves this stress and encourages patients to obtain the healthcare assistance they need promptly.
Retain Patients and Increase Referrals
When your patients realize you have payment options that work for them, not only is their anxiety relieved, but they are also more likely to remain loyal to your practice and not seek treatment somewhere else. Because of their increased satisfaction, they will also be more amenable to spreading favorable comments about your practice by word-of-mouth and online, referring family and friends to your healthcare business.
For more advice on implementing patient financing in your healthcare practice, get in touch with Ideal Financial Group.