Medical prices have essentially remodeled over the past decade triggering an upsurge within the want for medical finance. Insurance corporations are charging additional and covering less for procedures, exploit patients to bridge the gap with their own funds.
If a patient has to bear an elective procedure, they’ll seemingly not have the available credit on their personal credit cards. This is often what makes access to medical finance a necessity for patients and for practices treating them.
What is Medical Financing?
In most cases, medical finance uses a patient’s credit to finance the value of any treatment. Healthcare finance is integral to giving patients viable choices to finance their medical costs. Medical finance is the sole way to bridge the gap once it involves procedures that a patient can’t pay straight away in their time of need.
Most costly treatments:
- Laser Gum Contouring: $3,000
- Botox: $500
- Laser Hair Removal: $3,000
- Veneers: $2,500
- Root canal: $2,000
- Laser whitening: $1,000.
- Tummy Tuck: $12,000
- Rhinoplasty: $10,000
- Face Lift: $15,000
- Dental implants: $3,000
Financing helps patients in various ways:
Offer Social Healthcare Payments
Thousands of people, struggling to make ends meet, are not able to afford medical procedures that are vital to their physical and emotional well-being. This is an easy and effective way to raise money to cover the cost of expensive health care treatments and unexpected health emergencies. Harness the power of social media by reaching out to your network of friends, family, and supporters to ask for donations towards your financing.
Bad Credit? No Problem!
Over the past few years, companies have become very strict about checking credit scores before financing patients. If patients do not have a good credit score, getting a medical loan can be next to impossible. Moreover, even if the healthcare provider is ready to approve a patient, the companies do not permit. But Denefits approves financing without checking the credit score. So even if a patient or a guardian has a low credit score, the patient can, in any case, be financed. Because credit score is not the only criteria to assess a patient’s potential to repay a medical debt. So irrespective of your credit score, Denefits approve patient financing. Moreover, healthcare providers can finance patients denied by other financing companies as well.
Approved Within 3 Minutes (Instant Approval)
Unlike conventional financing company, Denefits does not check your credit score. So Denefits instantly approve the patient application within 3 minutes. Approval is immediate as soon as the patient financing form is filled at the practice. At Denefits, we have 100% patient approval.
Flexible Monthly Payments
Flexible Monthly Payments can lead to financial benefits for the patients. The patients achieve a level of stability that opens up long-term options, as well as the ways in which switching to private treatment via a payment plan can benefit them. A payment plan might well be an option for overcoming patients’ financial concerns.
Healthcare providers should engage patients on time before it gets too late to offer patient payments plans. Ideally, this should be done before or during pre-registration, registration or at the point of care, so the organization doesn’t wait until the patient needs help, which could be weeks or months after service. Presenting patient financing to the patient beforehand will allow the patient to consider the practice in the future because they know that you offer an affordable payment plan.
Offer no credit check financing
Offer no credit check financing. By offering no credit check financing, you are able to make treatment available to all patients regardless of their credit history. Get involved in discussions with the patient’s financial responsibility and point them toward payment and financing options that are open to them.
Offer multiple payment options
It isn’t enough to offer one or two types of payment options like care credit or medical insurance. Providers need to introduce their patients all the available payment options, systematic and scalable options to cater to each patient’s needs. For instance, some patients may choose to avoid paying interest and can afford larger payments over the short term. Where other patients choose to make smaller payments per month over a longer period of time through interest-bearing accounts. Hospitals and health systems should ensure patients are aware of their options and help them navigate the signup process.
Provide the flexibility to choose and adjust
Other than offering different payment options, patient financing programs need to be flexible according to the patient’s need, so patients can decide what will work best for them on a month-to-month basis if necessary. This should also be easy and convenient for them to do, whether in person, on the phone or online, so making their payments is as convenient and affordable as possible.
Partner with a patient financing company
Health Institutions aren’t financial institutions. They generally do not offer in-house financing option other than insurance that is legally compliant. By working with a patient financing provider. Healthcare institutions can tailor flexible financing programs to their patients’ needs, optimize the patient’s financial experience while focusing on their core source of revenue. With such options, you can increase your revenue up to 70% without paying anything extra for marketing.
Getting Paid to Improve Satisfaction
When patients are provided an affordable method and convenient channel, they are more likely to pay their bills on time and never default. For example, Hospital in North Carolina was able to reduce its bad debt by 27% in three years through flexible payment options like patient financing or social healthcare payments.
These tips not only helped reduce bad debt, but it also helped increase patient satisfaction, where 30 percent of patients who used the financing program chose to use it again after satisfaction. Denefits Payment financing program is very reliable so far higher than most health credit and other insurance options.
With HDHPs on the rise and out-of-pocket spending expected to reach $608 billion in 2019, patient consumerism is here to stay. The American consumer is well conditioned to expect retail financing options for large purchase occasions. By offering flexible payment options through patient financing programs, hospitals and medical institutions can help reduce patient’s financial anxiety, make sure medical care is affordable and optimize patient payments while protecting your own revenue cycles. Not only will your patient A/R realize a big lift, but your patients will also be amazed and will have love to choose your practice again.