The Fundamentals of Healthcare Financing
Should your practice offer healthcare financing?
Healthcare financing can improve the wellbeing of your patients and your practice. Clients without insurance or available funds can receive the care they need while you receive payment on time. High health costs may impact your business more than you know, and patient financing offers a sustainable solution to not only providing patients with access to healthcare, but also increasing your client-base, enhancing the provider-patient relationship, and growing revenue.
What is Healthcare Financing?
Healthcare involves any medical procedure meant to improve a person’s wellbeing. Healthcare financing refers to the management of funds for these medical resources. On a personal level, this type of financing refers to payments regarding hospital care, physician care, dental care, prescriptions, and other personal medical services. When patients cannot pay out-of-pocket medical expenses, healthcare financing works as credit and enables them to receive care.
What Healthcare Financing Means For Your Patient
Look out for your patients with healthcare financing. When providers take it upon themselves to collect payments, the provider-client relationship may become strained. Medical and financial conversations can be stressful; placing both of these responsibilities on the doctor can complicate the patient-provider relationship in the examination room. Doctors must delicately balance relaying healthcare information with collecting balances owed by the patient — and with negligent patients, walk on eggshells and manage pressures in order to preserve a positive relationship. With flexible financing options, doctors can have easier financial conversations with their patients, reducing the pressure to collect upfront or amounts past due. Patients will know the terms, conditions, and deadlines and can engage in a sustainable, budget-friendly payment plan.
What Healthcare Financing Means For Your Practice
Medical costs continue to increase in the US. Whether measured by money per capita or percentage of GDP, the US spends more than any other nation on healthcare. These patterns of high-spending can negatively impact your business.
Providers waste significant time, energy, and money trying to collect payments from overdue patients. And, spending more on healthcare means spending less everywhere else. While a healthcare practice struggles to meet inflating healthcare costs, worker earnings may lie stagnant and jobs could migrate to less-expensive areas of the world. Overall, high-spending healthcare systems are not sustainable. Healthcare financing enables more patients to choose a sustainable payment plan, reliably growing your client-base and contributing to your success. And with more clients comes more revenue.