Getting quality care for you and your family is difficult. Fortunately, patient financing is there to help, especially those who need to avail healthcare services but can’t afford to make complete payments upfront.
At the same time, many healthcare professionals don’t know about the processes involved in patient healthcare. Medical, cosmetic, healthcare and dental industries are yet to explore patient financing to its full potential. Integrating a patient financing solution can be easy or difficult depending on which option you choose.
There are primarily two questions regarding patient financing:
- Why is patient financing important?
- How to offer patient financing?
This guide answers both the questions.
What is Patient Financing?
Patient financing is an option that helps patients to get medical services and pay for them in installments.
Patient financing is available in various options, such as flexible patient payment plans, no-fee payment processing, and so on.
And then there’s the old option of using your credit card. Patients, who want to take care of their payments on their own, often choose this option. But it doesn’t seem pragmatic. That’s because credit cards come with high-interest rates, which can be more troublesome, making it difficult for patients to clear their dues.
Typical 0% financing options normally apply to wheelchairs, mobility solutions, and similar medical equipment. If a patient doesn’t need them, 0% finance is beyond their reach. In simple words, conventional patient financing options are not as appealing as they used to be.
All the above reasons allow patient financing service providers to help patients get the healthcare they need. Moreover, many service providers offer flexible payment plans that make monthly payments affordable and easy for patients.
Benefits of Patient Financing for Patients
While reviewing patient payment plans, considering what benefits they’ll offer to your patients is important. These are the key benefits:
- Patients can get the required healthcare service(s)
- The cost is distributed across months
- Payment becomes affordable
With patient financing, you allow your patients to plan their monthly budget so they don’t have to worry about it. It creates a win-win situation for you and your patients.
Besides these, other benefits include:
Less Financial Stress
Money and financial matters add a great deal of stress, creating a huge impact on the overall health and well-being of people. Patient financing with additional benefits like no-fee payment processing and flexible patient payment plans play a vital role in removing this stress.
Way Better Than Traditional Lending
Traditional lending options require a lot of documents, which can be time-consuming and stressful. And in case applicants have bad credit, their applications get rejected, leaving them with no access to healthcare loans.
With alternative patient financing services like Denefits, the lending process gets faster without needing a lot of documents, and there’s no credit check involved. This allows patients to avail the services they need without suffering an impact on their credit scores.
Out of all the reasons why patients delay their treatment, affordability is among the biggest causes. Patient financing speeds up things as patients can get the medical service they need and pay for it in installments.
All these factors clearly show that patient financing is beneficial for patients as it makes healthcare accessible. But is that all? Don’t practices benefit from patient financing? They do, but internal financing is not the answer.
Internal financing programs are known to put an extra burden on practices. These are the key areas of concern associated with internal financing:
- High administrative costs
- Bad debt
- Other potential risks
This is where a third-party financing partner comes into the picture. It allows practices to enjoy many benefits minus all the risks associated with internal financing.
Benefits of Patient Financing for Practices
This is by far the most prominent benefit of patient financing. Payment solution providers such as Denefits don’t run a credit check and assure approval on every application. As a result, practices get their money in a lump sum.
Better Time Management
Managing payments and collecting dues is a huge burden on your business. With a third-party patient financing service, you can eliminate this burden so your staff can enhance the overall experience for your patients.
Better Cash Flow
There are many expenses that a healthcare institution needs to take care of. Not getting payments on time creates a hindrance in the cash flow. With patient financing services like Denefits, you don’t need to worry about the payments. The cash flow gets streamlined almost immediately.
It has been observed that healthcare institutions that take the help of third-party patient financing enhance the patient experience substantially. These institutions also enjoy better footfall and improve their revenue.
How to Choose a Third-Party Patient Financing?
By now, you must have already made up your mind to go with third-party patient financing, and you surely have made the right decision.
Now, all that remains is to understand how to get started. The key lies in finding a patient financing company that offers flexible patient payment plans. Doing so allows you to work with patients from different financial backgrounds without worrying about their payments.
The Denefits Advantage
If you are looking for a single-point solution where all your patient financing needs are met, then you don’t need to look further.
- Doesn’t run credit checks
- There’s no problem with bad credit
- Secured payments
- No-fee payment processing
- Flexible patient payment plans