It often happens that patients say ‘no’ to your recommended treatments simply because they cannot afford it. These denials can cost your practice considerable revenue loss. So, if the cost associated with the treatment plan is influencing your patient retention rate, how patient financing can help your business?
Why is patient retention crucial?
Many studies in this domain show that offering an affordable patient financing system and effectively presenting it to patients is a profitable venture. It not only allows patients to afford your prescribed line of treatment, but there also occurs a substantial number of follow-ups as the treatment progresses. Hence, it can be said that patient financing options increase revenue while enhancing patient-doctor relationships.
The hidden costs of losing a patient
Before we start exploring solutions to combat scenarios that lead to the loss of a patient, let us understand the actual cost of losing patients.
The first thing you need to calculate is your patient attrition rate in the absence of a patient payment plan. Studies have indicated that the cost of acquiring new patients is much more than retaining old patients. Thus, focusing on patient loss (due to unaffordability issue) seems to be a more profitable strategy. The mathematical figures that support the above mentioned dictate a 5:80 ration, i.e., if a given practice can raise its patient retention rates by 5%, profitability can be expected with a beautiful hike of about 80%.
While such rates would vary with the type of practice, population, and such other variables rather than pondering upon such rates, finding steps to improve is the key. That is where Denefits comes in to rescue you from the high patient attrition rates.
How is patient financing option the key to boost patient retention?
A practitioner can use patient financing options in tandem with boosting patient retention. When patients reach your doorsteps, they are in an obvious need of a treatment plan to get rid of their health ailments. It is just the cost of treatment that is keeping them. At this juncture, if patients are financed through Denefits, it can practically take care of the major financial hurdles. Along with that, if patients require getting their premiums, copays, overages, and out-of-pocket financed, Denefits approves all such medical needs.
Denefits presents a win-win situation for both service providers and patients. Patients get the treatment without the burden of the high cost, and practitioners can retain a much more significant portion of their patients.
“Denefits business model helps you to focus on your patients
while we figure out their financial abilities and map repayment pathways for your business.”
Denefits – Finance Any Customer
Financing options lead to patient retention strategies that work
With the introduction of friendly payment plan options, several opportunities surface that can help improve patient satisfaction and engagement (both are well-known to boost retention rates). Making your financing insights as a part of your pre-service can essentially solve the clear communication issues and will enhance patient engagement. A word from the eminent practitioners suggests that following this makes your patients feel empowered, satisfied, connected, and respected. Hence, communicating financing options can make the treatment offer as convenient as possible.
The way an affordable patient financing option works helps you to build a loyal patient base for your practice. These patients will be more than happy to go online to write encouraging reviews for your services. It is like a free of cost advertisement that will help you to build your reputation on digital platforms and enhance new patient acquisition. Overall, patient financing is good for your business.
Simply by knowing that your clients can afford your services will bring them into a comfort zone. From here, service provides can start to make communication for better engagement. Integrated payment plan communications with an open end for tailoring such plans as per their financial abilities, can undoubtedly influence a patient’s decision and inspire him/ her to go for the prescribed treatment.
“It is our objective to make healthcare affordable to ‘ALL.’
While keeping the profitable growth of your business in view.”
Denefits – Finance Any Customer
Running a successful medical practice is nothing less than running any successful business. Based on the combined conclusions from the market studies, it can be said that patient financing options can enhance your patient retention rates. With Denefits, practitioners remain focused on patient care while being able to accommodate ‘ALL’ patients who wish to opt for services offered.
With the help of payment plans, patients can always pay for treatments. Also, patients tend not to avoid reaching doctors due to financial constraints. So, enabling patient financing programs can elevate your chances to provide services to a variety of income brackets.
Knowing that they can afford their desired treatment, irrespective of their financial situation, your patients will feel welcomed stepping into your practice. And happy patients do come back to continue with your services. The trust gained in such a manner advertise that patients are served in the best way possible.
Choosing and managing patient financing services can be hectic. Fortunately, top patient financing companies in the U.S. like Denefits can take that pressure away from your practice.