Why Medical Practices Are Embracing Patient Financing
Patient financing is an option not offered by every medical practice, but it is something more practices are starting to offer. There are benefits for both the patient and the practice with this financing. Familiarize yourself with these and then look at your practice to determine if it is a good idea.
Benefits for Your Patients
Patient financing helps you, but it also works to benefit your patients. Millions of people put off medical care every year because they simply do not have money for it. When you offer financing, you provide a major resource for these patients. Not only do they get the financing, but also the peace of mind that comes with getting medical care on time instead of delayed. Many conditions worsen with delayed care, so when you offer financing, you are ensuring these patients have the best health outcome possible. This also helps patients not have to sink their entire savings into medical care. They can arrange monthly payments so that they can hold onto their savings and emergency money for other things.
Benefits for Your Practice
When learning more about this option, you want to know the benefits that patient financing brings to your practice. When patients cannot pay their medical bills, you are losing out on money you need to run your practice. You may want to expand or upgrade equipment, but cannot do this due to not having the funds because of unpaid invoices. When you offer financing, these bills are getting paid on time so you have the cash flow you need to take care of your practice and maximize your profits so that your hard work is rewarded.
When unpaid invoices start stacking up, you have to spend time pursuing these so that they get paid. If you are a small practice, you have someone internal doing this and this means extra hours and work that you have to pay for. If you are a larger practice, you might consider the services of a collection agency. This will cost money. No matter which debt collection avenue you take, it will cost something and cut into your profits. With financing, the bills are getting paid on time so you can reduce your reliance on debt collection efforts to recoup the money from past due invoices.
You can see that patient financing offers a number of perks for medical practices. Explore the choices available and see which one, or ones, present the best options for your practice and patients.