Patient Financing: Improving Your Practice’s Revenue
If you have a medical or dental practice and are looking for ways to improve its revenue, one smart way to do that is to begin offering patient financing methods. You may already do that by accepting credit cards as a form of payment for services.
If patients cannot pay the balances due when their visits occur, they charge the amount to their credit cards and submit payments to the associated charge card companies to take care of the outstanding balances. This is one popular option, but it’s also a good idea to take a more direct approach to patient financing by offering payment plans.
Payment Plans Encourage Patients to Not Delay Treatments
Your practice may see numerous patients who are in the facility because they desire non-emergency treatments. In some cases, people may initially come in for appointments because they’re concerned about a health matter that may be life threatening, but it turns out to not be urgent.
For example, if a person comes to get an evaluation for a mole on their cheek, they may be told it does not appear cancerous and isn’t causing harm. At that point, the person might choose between getting it removed anyway and just leaving the mole as it is.
The first option is likely to be preferable if the person thinks the mole is unsightly. However, even when a patient is extremely bothered by how the mole affects their appearance, they may hold off on getting it removed if money is a concern.
By offering patient financing, you’ll seize opportunities to directly boost revenue by encouraging patients facing scenarios similar to the one above to get everything taken care of right away instead of waiting until they’ve saved up money.
You May Appeal to People Who Have Gone Without Checkups for a Long Time
Some people are so concerned by the potential costs of medical or dental treatments that they avoid getting routine checkups and don’t visit the dentist or doctor until they start experiencing life-altering symptoms. By that time, a condition may have already progressed rapidly, making it difficult for even the most experienced professionals to administer effective treatments.
When you advertise that your practice provides the possibility of paying for treatment overtime, that incentive may directly urge people to go and get seen rather than waiting until that’s absolutely necessary. Then, you’re not only providing treatment, but prevention.
As you can see, there are compelling reasons to offer patient financing. By doing so, you might simultaneously increase profits and keep people healthier.