Let’s face it: medical costs are some of the biggest burdens on patients – especially as time wears on. In fact, both at the beginning of life, and near the end, most people will have trouble bearing the full brunt of out-of-pocket medical costs, this goes for common medical procedures, as well as the dental upkeep necessary with a Western diet.
If you’re in healthcare, then you will be able to appreciate the many benefits of patient financing. Surveys show that the prices of quite a few medical procedures represent a serious entry barrier for the average person. This negatively affects the prospective patient – as well as the healthcare provider insofar as missed revenue is concerned.
How Patients and Healthcare Providers Can Utilize Patient Financing
As it turns out, patient financing is not only a benefit to the patient; it is also a boon to the healthcare provider. Hiring a company to provide financing for your patients is the better option by far:
Better Cash Flow for the Provider: If a patient is unable to pay on time, then the payment plan you implement represents a drain on your resources. You are responsible for collections, and now you have more account receivables out than working capital. Any interest you make will be eaten up by the responsibility your office has to maintain your overhead – which, of course, doesn’t take a break.
Timely Treatment of Ailments for the Patient: Healthcare providers get into the business primarily because of a deep desire to help people. Surveys show that people consistently prolong or forego necessary treatment due to being unable to finance the procedures. Financing helps to bridge the gap considerably, since the company pays the healthcare provider in full right away.
Patient Satisfaction and Marketing Bonuses for the Provider: Since the sticky issue of payment is no longer between the healthcare provider and the patient, the doctor-patient relationship is much improved. No longer having to worry about getting timely treatments, therefore, satisfies both of you, which increases customers via the word-of-mouth of satisfied patients. Additionally, the healthcare provider can promote patient financing as an advantage you have over your competition.
Contact Fortis Funding to learn more about the benefits of patient financing for your practice.