Due to its very nature, patient financing has the ability to significantly increase your reach; essentially, with a good provider, you can now accept more patients than ever before. In the medical field, late or extended repayment periods can adversely affect hospital (or other healthcare facility) operations. Let’s get specific with the many benefits that this payment solution offers.
I. Improved Financial Management
This benefit applies to both the patient and the medical facility. Patient financing lets you extend the payment period without affecting treatment: this means that patients need not be laden down with the sometimes high costs of medical care; additionally, it lets your practice interact with them on a strictly doctor-patient level – without the sometimes relationship-draining experience of payment negotiations.
II. Timely Treatment
Patient financing also fosters timely treatment. The financing company forms a welcome bridge between patient and caregiver; they pay you upfront, and work behind the scenes with the patient on an extended payment plan that is independent of the healthcare provider.
III. A Marketing Advantage
Not all healthcare providers and medical facilities offer financing for the patient; in fact, most don’t. By listing this in your spate of offerings, it represents an effective marketing tool that will certainly more than pay for the finance fee that you render to the company for their services. You can also count on increased patient satisfaction with the availability of payment options, which is often a burden in these tough economic times.
IV. Cash Flow and Optimized Employee Efforts
Financing, of course, improves cash flow – in that sense, it is effectively equivalent to factoring receivables. In the healthcare industry, you can’t afford to work with outdated medical equipment and yesterday’s computers to potentially compromise patient records. Getting payments on time helps to shore up what is the number one problem for most SMBs (small to medium-sized businesses).
All-in-all, patient financing is the way to go. With the increased satisfaction it engenders in your patients, they will be more likely to spread word of your practice to friends, coworkers and family – which is marketing of the highest caliber.
If you need financing for your practice, contact Bold Growth Solutions today.