Consolidating Your Practice Offer and Revenues with Patient Financing
great way to increase your practice revenue is to offer your patients that have not met their high insurance deductibles a patient financing solution.
By making a third-party patient financing program available will include a potential increase in treatment acceptance, patient satisfaction and retention. With third-party patient financing programs, more patients can get needed care with monthly payments that fit budget and lifestyle. Health care practices also benefit by reducing their accounts receivable and increasing cash flow.
There is immediate payment and health care practices are able to step out of the financial relationship, giving staff more time to focus on practice building activities. Third-party financing also can be used as a marketing tool. If patients know special financing options are available, then they may be more likely to seek care at that practice compared to another practice where it is unavailable.
Patients enjoy when special financing options are available is the ability to move forward with care while making monthly payments. Many financing programs feature added benefits to the patients such as no annual fee. Some programs provide patients with a revolving line of credit so depending on the financing program selected, patients may have an ongoing financing resource to pay for additional care at a practice or with another health care providers who also accepts the same payment option. This would be subject to credit approval and minimum monthly payments are required.
The addition of third-party financing program for patients to financial policies makes it easy to let them know a payment solution may be available that fits their budget and lifestyle. This may allow them to get procedures they want or need. This will improve your practice cash flow, reduce accounts receivables, and lower your billing and collection costs. Offering a third-party financing program is a smart decision to help maintain a practice’s financial health.
If your patients are considering a health care procedure, and they are having concerns over how to pay for it. Then, providing a patient financing solution gives them new options to finance their health care needs. Financing lets your patients structure a payment plan that meets their budget, and allows them to proceed with your treatment recommendations.
Consolidating Your Practice Offer and Revenues with Patient Financing
If you currently are not providing a Patient Financing solution to your patients then there is no better time than now to get started. For more information on this and other ancillary solutions AMS offers, contact us and we will have one of our Certified Ancillary Consultants contact you.