Healthcare Financing: 3 Benefits for Practices
You run a busy practice and eventually you will have patients who cannot pay their bill in full. Offering healthcare financing ensures that you can retain these patients while still receiving compensation for the services that you provide. There are several benefits for your practice when you offer this option to patients.
Do Not Worry About Not Receiving Compensation
When you offer healthcare financing for your patients, you do not have to worry about patients not being able to pay their bills. They can apply for the financing and once they are approved, you know that money is guaranteed. Make sure that you advertise that you have this option available so that they are aware. If you have a patient in need of extended care, talk to them about their insurance or ability to pay. If they express difficulty with this, let them know about your available financing and the process involved.
Avoid the Need for Collection Agency Costs
When patients leave medical bills unpaid, you usually have to turn to a collection agency to get help in recouping that money. When you use a collection agency, there are fees involved and this can get costly if you find yourself with a lot of unpaid invoices. Smaller practices may not even be able to afford a collection agency and have to use manpower to try and get these paid or else they may never see the money. Offering financing reduces the risk of needing to hire an outside company to retrieve money from patient’s unpaid bills.
Keep Your Patients Happy and Coming Back
One of the biggest reasons patients are unable to access healthcare is not having the ability to pay. When you offer healthcare financing, this removes a big burden from your patient’s shoulders because they will know that they will not be turned away for not having the cash on hand. It is a good idea to let patients know about this at their first appointment with you because you never know when they might need to take advantage of it. You can create a pamphlet explaining the financing and the process, and provide one to every patient.
You now know how offering healthcare financing can help you. As a practice, it is easier to keep up with your patients and this option also makes patients more likely to return. This is because they know that you offer options for them when it comes to paying their medical bills.