Many healthcare professionals share a common question: Should I incorporate patient financing into my practice? The answer, of course, may be different for everyone. But here are a few strong reasons to give patient financing serious consideration. Why? It’s great for providers—and for their patients.
Patient Financing: What’s Not to Like?
There are several advantages to offering additional financing options in your practice. Here are 4 key benefits of patient financing:
- Increased treatment conversion rates – When given the option to pay for healthcare treatment with affordable monthly payments, it’s easier for patients to proceed with immediate treatment. No more lengthy decision process—or thoughtful budget calculations. Patients can move forward quickly with the treatment they need or want. This means more billable services for you, and a healthier bottom line for your practice.
- Better cash flow – Many medical financing options allow you to get paid at the start of treatment, which enhances your cash flow, and can reduce your risk of bad debt and uncollectible accounts receivable.
- A great marketing strategy – An often overlooked advantage of patient financing is that it can also be used as a marketing tool for your practice. Most patient-financing companies offer free promotional materials—like counter displays and patient brochures—which communicate the advantages of patient finance options and help entice new business.
- Reduced administrative costs – Utilizing a patient finance company enables you to shift the burden and the costs of billing and administering patient payments to a third-party. This allows you and your staff to focus on patient care rather than patient collections.
Patient Financing: Top Benefits For Your Patients
Physicians and practice owners aren’t the only ones who benefit from payment processing options. The patient is a significant recipient!
- Instant affordability – Patients can proceed with the treatment they want or need, and they can select a repayment plan that suits them best—spreading the cost of the treatment out over time. With a range of payment options available, including self-pay options, patients can make smart decisions that work best within their budgets and circumstances.
- More treatment options – When treatments are made more affordable, patients are more willing to consider all their treatment options, not just the cheapest one. This helps them investigate a wide range of options, so they can choose the optimal treatment plan that’s best for them.
- Greater patient satisfaction – For all these reasons, patients really appreciate (and are loyal to) healthcare practices that give them convenient patient healthcare financing options.
- Increased practice referrals – Happy patients are quick to tell their family and friends, and provide a great source of additional referrals. That said, do not underestimate the impact of patient satisfaction.
Regardless of your specialty, whether you’re a physician, dentist, veterinarian or chiropractor, it doesn’t take a rocket scientist to see the value of offering patient financing options in today’s economy. People want choices—especially when it comes to their budgets and their health. If you’re looking to increase your medical practice revenue—and your reputation in the community–financing programs may prove to be a very wise investment.