Chiropractic Care Financing for Your Patients
Chiropractors don’t have a shortage of potential patients, with so many people requiring treatment for many different circumstances. For example, up to 90% of Americans struggle with back pain and spend about $50 billion annually on this challenge alone. The problem is that chiropractors aren’t competing only with practices in their field, but also with local doctors. Patients with limited or no chiropractic benefits typically seek treatment from their primary care doctor due to potential costs.
Chiropractic care financing helps close this “gap” and encourages more patients to seek services from your chiropractic practice when previously they thought it wasn’t affordable. Personalized options allow patients to get care right away, without the worry of paying upfront.
The Importance of Personalized Financing Options
Nearly half of Americans (46%) don’t have enough money saved to cover a $400 emergency. Paying on a credit card, borrowing from a friend, or not paying the bill at all are options for the patient struggling with inadequate savings.
A survey found that patients with higher incomes were better prepared to cover unexpected medical bills, with 81% of people earning $100,000 or more annually able to cover a bill compared with only 34% of those earning $40,000 or less.
In addition, high-deductible health care plans have recently surged, with these types of plans accounting for 47% of all commercial insurance. Patients with these health care plans typically need to meet a high deductible before insurance will foot the bill, which leaves them paying more out of pocket. Chiropractic treatment might be skipped when a patient adds up what they’ll need to pay over the course of the health plan.
Personalized financing options allow you to help more patients get access to an affordable way to pay for care. Flexible, personalized chiropractic care financing options better fit into patients’ budgets and reduce the stress associated with paying for the cost of chiropractic care.
How Financing Increases Growth and Revenue
Slow receivables and too much bad debt can quickly place a practice in the red as it struggles to pay for essential costs, such as overhead and payroll. Bad debt expenses in the medical sector increased by $617 million between 2015 and 2018 to nearly $56.5 billion. Patient financing allows chiropractic practices to collect more payments upfront through chiropractic financing programs.
Select an integrated program with accurate and real-time estimation capabilities that allow customers to quickly understand their financial responsibility. This increased visibility is critical, with 62% of patients reporting that understanding out-of-pocket expenses prior to care impacts the likelihood of pursuing care. Additionally, 49% of patients reported that having clear details about expected out-of-pocket expenses before receiving chiropractic treatment impacts their decision to use a practice in the future.
Once patients have a clear view of their financial responsibility, you can talk about how they will pay for care. Financing options will be a large relief to many patients and improve their experience with your practice. Improving that experience encourages patients to recommend your chiropractic services to friends and family.
Improving Patient Access to Care
Affordable chiropractic care financing options help improve patient access to care. One-third of U.S. adults reported their family couldn’t afford care in the last year, which is up 19% from a year ago. Many Americans (64%) avoid or delay treatment due to the cost of chiropractic care.
Chiropractic patient financing helps you provide a resource that gives people access to the care they need now. Patients can budget and plan for upcoming services, and you can speed up the revenue cycle. The number of patients in accounts receivable will decline, and you’ll have less bad debt and start getting paid faster.
Selecting a plan that enables mobile payments is important to speed up the payment cycle. Most Americans (81%) own a smartphone and want access to simplified payment experiences. Financing options that leverage on-the-go payment options allow patients to quickly pay chiropractic medical expenses using the devices they prefer.
Moving Into The Future
Patient financing is a powerful tool that helps you build a stronger, more profitable practice. You can open doors to more patients who need your chiropractic services and allow them to get their full course of treatment without the worry of “running out of visits” and stopping treatment early.
As a result, patients will be happier, more satisfied with their treatment plan, and more likely to start talking about your chiropractic practice and referring to a steady stream of friends and family.