3 Reasons Your Patients and Practice Can Benefit From Patient Financing
There are many reasons why you should have a Patient Financing solution to offer for your patients, which either have not met their high deductibles, have an insurance plan that has minimum coverage,
or no insurance at all. By partnering with AMS you will be able to select a best in class Patient Financing solution.
Some examples of reasons why you should offer financing to your patients are as follows:
Patients that cannot afford the up-front cost for needed health ca
When patients come to your practice, they do so because they need or want care. Unfortunately, many patients feel that they are unable to afford the cost of comprehensive treatment. They fret that their insurance may not cover the full treatment cost. They worry that they don’t have insurance at all – and that treatment without insurance is cost-prohibitive. They stress about potentially carrying a high balance on a credit card. They want to say “Yes”…if only they didn’t have to pay for care all at on
Patients want flexible payment options
You are going to have patients that are looking for the ability to finance major expenditures, such as high health care cost, over time, just as they would finance the purchase of a car or put a major vacation on a credit card. Health Care Providers who recognize this need by offering a combination of financing options, including both in-house and outside patient financing, can effectively unlock their patients’ willingness to say “Yes” to major treatment.
Offering Financing to help improve your bottom line
Outside financing can also improve your practice by reducing accounts receivable, billing expenses and staff stress. Yet perhaps the most compelling reason to require payment at the time of service is the big bite that time takes out of every dollar you produce.
According to the Commercial Law League of America, after one year, the uncollected dollar is worth only 26 cents! Inflation, potential earned interest, and interest on debt you could have paid as well as the cost of envelopes, postage, staff time, and other overhead robs you of approximately 7 percent each month. Thus, allowing $1,000 to sit on the books for 12 months costs $740. Failure to collect is worse than any insurance discoun
If your practice is not currently offering a financing solution or you have a financing solution already in place but is underperforming then contact us at AMS. We want to help you increase your patient care by having a way to help patients afford needed procedures that might not be fully covered by their insurance plans.