An Affordable Chiropractic Patient Financing Option
The cost of chiropractic care is a major consideration for many patients. People want to fully understand the entire cost of care, and they want this information before chiropractic services are rendered. Many patients (77%) report that it’s “important” to “very important” to understand the cost of care before chiropractic treatment, while 53% want to talk about financing options before care. However, only 18% of Americans surveyed report that a chiropractic practice has discussed chiropractic patient financing with them over the past two years.
At the same time, not having a full understanding of insurance coverage and cost sensitivity are major barriers to getting care. Roughly half of adults who visited a chiropractor in the past five years (46%) reported they would visit more often if it weren’t so expensive. Additionally, many Americans are confused about what their insurance plan will cover.
For example, a person might have a limit on the number of chiropractic visits each year. If patients run out of visits, they have to decide whether they can afford to continue with care. Personalized chiropractic care financing options help bridge the gap by getting patients the care they need most without the worry of cost.
Personalized Financing Options
Most people with health insurance have some sort of chiropractic benefit. In fact, only 13% of people report having an insurance plan without chiropractic benefits. That appears to be good news, but the reality is that many Americans have high-deductible insurance plans. Roughly 43% of Americans have a high-deductible insurance plan that requires them to pay a sizable amount prior to health insurance providers picking up the bill.
Patient financing solutions help patients get access to health care services with a plan that fits their budget. For example, patients might have a limited number of chiropractic visits but, to truly reap the benefits of care, they need several additional sessions. A personalized payment plan can help patients spread that cost over a time period that fits their financial situation.
Inclusive Financing Options
Many of your patients will be thrilled that you offer chiropractic patient financing options, but it’s important to extend this option to all patients. Research shows that around one-third of Americans have credit score challenges. Select a financing partner that allows you to extend personalized options to all patients, regardless of their credit score history.
This helps you open the door to more patients who need chiropractic care. Patients who receive chiropractic financing solutions will be happier and more likely to tell friends and family about your chiropractic office, which will drive word-of-mouth marketing and growth.
Mobile Options That Make Paying Easier
Provide your patients with affordable payment options that use the technology they already know and enjoy. Most patients have a smartphone and prefer to use their devices to pay for chiropractic services. Research shows that more consumers prefer to use mobile and digital applications than cash when making payments. About 47% prefer digital applications, while 45% prefer cash.
Select a financing program that empowers patients to pay bills and set up payment plans using the tools they prefer. For example, you can send a customized text or email with a link that allows patients to pay their chiropractic bills immediately or to enroll in an affordable payment plan. Patients who prefer smartphone technology will be happier when they can set up their plans directly from their devices.
Additionally, you can connect with patients through their preferred communication channel after service. For example, if patients have an unpaid balance, you can send them an email reminding them of affordable, flexible payment options and allow them to set up the plan online.
Moving Into The Future
The future of care involves competing for more customer experience. If you want to get an edge on the competition and attract more patients to your practice, you need to offer resources and services that improve the patient experience with your chiropractic practice.
Research shows that two-thirds of companies compete on customer experience, which is up from only 36% in 2010. On average, companies that improve customer experience outperform competitors by nearly 80%, while 84% see an increase in revenue.
Improving this experience involves easing the burden of paying for care. With so many paying a large portion of their health care bill out of pocket, the cost has become an increasing barrier to getting chiropractic care. Offering financing options eases this burden and helps you create more meaningful and lasting patient connections. Additionally, you can gain an edge on the competition by giving patients an upfront view of their financial responsibility and the tools to plan for those costs.