Finances often present a significant barrier for patients in the healthcare industry. Despite careful budgeting, unexpected medical bills can wreak havoc with their financial plans. Requiring patients to settle the entire amount in one deposit upfront can exacerbate this issue, creating additional stress and financial strain.
Unfortunately, unexpected medical costs can delay patients from receiving the care they need. As a healthcare provider, it will slow down your practice’s operations and reduce revenue.
Patient financing addresses this concern by providing patients with a convenient way to settle their medical bills. Let’s explore how patient financing can benefit your practice in numerous ways.
What is Patient Financing for Practices?
Patient Financing allows your patients to pay their medical bills over time and get needed care without paying the entire amount upfront. Healthcare financing for patients can be complicated with numerous forms and details such as payment plans and interest rates.
Some practices offer internal financing programs, where patients enroll, provide their credit details during appointments, and pay in installments. Another option for medical practice financing is third-party providers, who act as lenders for the patient’s owed amount.
CERTIFY Health helps practices by offering transparent payment plans. Patients can pay their bills over time or within a specified period. Practices can implement our platform to ease patient payments and improve revenue collections.
Benefits of Patient Financing Services
In a recent study by PYMNTS.com, 63% of patients expressed interest in access to payment plans. This interest is so strong that it could even attract patients to switch healthcare providers. Patient financing offers several benefits that contribute to better practice operations:
1. Meet Patient Expectations
Most patients struggle with large medical bills or outstanding balances that are difficult to settle in one lump sum. Many patients choose to forego care to overcome this burden, affecting their health and well-being. Delayed or missed care also impact healthcare providers, as it can result in decreased patient volumes and ultimately lower revenue for your practice.
Patient financing services can make your practice more accessible through affordable payment plans. With health financing options, patients no longer need to delay treatments; they can seek medical care when required, enhancing their experience.
2. Manage High Healthcare Costs
The economic burden is especially heavy when considering the excessive cost of healthcare. According to the KFF.org report, premiums alone have surged by 20% since 2017. The Consumer Price Index (CPI) also shows that medical care costs are rising faster than other expenses.
To manage these medical expenses, many patients need financing options or payment plans. CERTIFY Health helps practices improve the patient’s experience with transparent payment plans, making it easier to manage hefty outstanding dues.
3. Improve Cash Flow for Practices
Patient financing improves the cash flow of practices, enhancing revenue collections. By offering multiple payment options, patients gain the flexibility to manage their financial needs, ensuring timely payments and improved financial stability for the practice.
With the right resources, providers can effectively manage risks. Staff no longer need to chase down payments or think about cash flow shortages for the business. Regular patient payments help practices maintain smooth operations and sustain their businesses more effectively.
4. Reduce Administrative Burden
In-house financing can be a time-consuming and costly process, requiring the hiring and training of employees specifically to manage medical financing. Partnering with third-party providers or implementing revenue cycle management tools can eliminate these burdens of healthcare financial management.
Implementing tailored platforms like CERTIFY Health helps patients make timely payments and eliminates the hassle of dealing with problematic accounts.
5. Create Competitive Advantage
When your practice has several healthcare financing options, it can set you apart from competitors. Patients prefer providers who prioritize care and offer flexible payment solutions rather than expecting a single lump sum payment.
As a result, your practice can improve the patient’s experience and develop a competitive edge, motivating patients to choose your service every time. These plans also help practices improve patient retention and increase revenue collections.
Try CERTIFY Health for Patient Financing Solutions
While patient payment plans and financing solutions offer several benefits, their success hinges on partnering with the right platform. CERTIFY Health offers patient payment plans and methods to simplify the payment experience. With our customizable payment plans, patients can pay large outstanding dues in regular intervals over time.
Additionally, our platform provides multiple payment options, text-to-pay, patient messaging tools, scheduling, and more. CERTIFY Health helps your practice improve the patient experience and reduce excessive staff burden without added risks.
