It’s never been straightforward to be a surgical patient. First, there is the anxiety connected with undergoing a procedure. Even for routine, patient surgical care, there are invariably safety risks.
Then, there are all the other difficult— and generally uncomfortable — problems tied to surgery, like preparation, therapy and follow-up care, coordinating transportation to and from the hospital, taking a time off work and arranging for support at home.
But another challenge has recently emerged that has added to this already stressful experience — and for some patients quite greatly: financial responsibility.
How involved are customers regarding healthcare costs? According to consumers for Quality Care survey, Americans are additionally distressed regarding these prices together with their increasing monetary responsibility than the prices related to retirement, education, housing and kid care.
The good news is that these trends and concerns have not gone unnoticed by service providers. In recent years, the emergence of innovative patient financing options developed to provide critical assistance regarding treatment costs.
One choice receiving exaggerated attention from and adopted by mobile surgery centers (ASCs) is that the provision of a secured loan to patients that covers their surgical prices. The model works as follows: once ASCs provide this selection and patients value more highly to cash in of it, patients receive a loan package designed to fulfill their budget. When a patient undergoes a procedure(s), the ASC receives a payment covering the patient’s balance, with the investor managing collections activities.
Related Post: 7 Steps You Can’t Ignore To Grow Your Practice
The model significantly benefits ASCs as they can more effectively collect higher patient balances and receive payments in an expedited manner. The model also greatly benefits patients — so much so that ASCs offering the option is likely to witness increased patient satisfaction.
Here are 3 of the reasons why.
- Provides an alternative to traditional lenders. Patients faced with looming medical payments have often sought the services of traditional lenders, such as banks, to help them cover expenses. Unfortunately, such an option can prove quite risky.
It is estimated that roughly 40% of patients seeking credit from top healthcare lenders are denied. Applying for a loan can be a difficult, document-intense process. Loan decisions can take a long time, delaying the scheduling of treatment and adding stress. If a loan is approved, it can include pre-payment penalties, post-interest balloon fees and other charges that can rapidly inflate what patients owe. Such loans also tend to have an impact on the borrower’s credit.
2. Out-of-pocket costs are known in advance. For several patients, even a bit of uncertainty regarding their monetary responsibility for care received is enough to keep them from the receiving treatment. One survey showed that ninetieth of customers wish to understand their payment responsibility before a procedure.
Through this model, patients recognize precisely what proportion they’ll owe for his or her care before treatment. This removes the uncertainty and offers patients the flexibility to effectively set up for his or her payments.
3. Removes financial stress. In addition to providing certainty regarding what patients can owe for his or her care, this model conjointly eliminates the money stress related to eager to create one, massive payment to hide a high deductible. Patients can choose a plan designed to help accommodate their ability to pay.
Since payments are made over an extended amount, the amounts are smaller and far easier to budget. This could facilitate patients to avoid surpassing their credit limit — one more stress related to eager to create a considerable payment.
With the new model, these risks are often avoided. Pre-qualification tends to be a really quick method, with loan selections usually made instantly while not impacting an applicant’s credit score. Secured loans generally provide very competitive approval rates and, as previously mentioned, low monthly payment choices. And since the loan program was developed with surgical patients in mind, choices like loans that cover multiple procedures performed over multiple visits may be available.