Not all patients have the income or savings needed to cover their medical bills at once after effective treatment. As much as treatment is necessary, cash flow rules the day. Medical bills stand in the way of people getting treatment because they cannot afford the cost. Patient financing offers a solution to both your practice and your patients.
Benefits for Your Patients
Better Management of Out-of-Pocket Cost
Patient financing helps patients avoid a large expense, therefore, protecting their cash flow. This, in turn, increases patient satisfaction within your practice. When patients know they have an option to finance their treatment, they are likely to return in the future for treatments and with less worry and anxiety on how they will pay.
No More Delayed Treatment
Moving forward with a treatment plan immediately rather than waiting is one of the most significant advantages for a patient. Delayed treatment has led to some patient’s conditions worsening, but with patient financing, they can receive treatment immediately while making affordable payments monthly.
Benefits for Your Practice
An Improved Flow of Cash
If your practice has set up a payment plan for your patients and directly bill them, you are making a loan to your patients. You will not get that money with interest, yet you incur costs like equipment leases, payroll, and the cost of supplies every month. You find that money is not available for your expenses most of the time but rather tied up in accounts receivable. This can create a cash crunch. With patient financing, you have the choice to be paid upfront and with the financing company bearing the cost of collections.
Smart Use of Your Staff’s Time
When you partner with a patient financing company, since they are in charge of receiving payments, some of your staff members who spend time collecting cash have more time to attend to patients.
Higher Patient Satisfaction
When patients have an option that lets them receive treatment immediately and pay over time, they become satisfied and are likely to come back or even make referrals to their friends.
An Effective Marketing Tool
Patients who are sure they will receive treatment immediately at your practice because they have the option of medical financing, are likely to come to you every time they are unwell. It is an effective marketing tool over other practices that do not offer the same.
Take your practice to the next level by exploring patient financing. Reach out to First Source Capital and get to enjoy the benefits.