If there’s one thing that the average American has in common, it’s an inability to handle the rising cost of healthcare. Thankfully, there exists a financial mechanism to help stem the tide: patient financing. In the following short article, you will learn just how much it can benefit your patients and your healthcare business.
There are two primary patient benefits when it comes to patient financing – and both of these confer some advantages to the provider. However, we’ll get to this latter portion later. As for the patient, they can get their much-needed treatments immediately, without having to delay them as before. The ability to pay down the cost monthly instead of upfront cannot be overstated.
Secondly, just like businesses need to keep an eye on their cash flow – so do patients. Patient financing allows them to be more efficient when managing their out-of-pocket expenses. This has an indirect effect (positive) on your business via increased patient satisfaction. As such, clients tend to engage in more word-of-mouth in spreading the news about your healthcare services.
Your Healthcare Practice
The most basic and useful benefit to your business is the ability to outsource your billing to a capable company. When you bill directly, you are responsible for all aspects of the B2C loan you’ve just made to the patient. This includes collections and thus, delays in pay. This can cause a cash flow problem. With patient financing, you offload this entire responsibility and focus on why you got into healthcare in the first place: the provider-patient experience.
Not to be overlooked is the time you save by not having to concern yourself with the billing business. Your office can use their energy elsewhere, instead of having to focus on the many travails of accounts receivable.
Ultimately, the cost-to-benefit ratio of patient financing is very small, which makes it an excellent option for your healthcare practice. For more information, check out the Means Commercial Capital blog posts, and don’t hesitate to reach out to our experts.