Patient Financing for Healthcare Providers

Patient financing can help your healthcare practice bridge the gap between quality medical care and its accessibility to patients, all while improving the financial stability of your organization. Here are the top benefits of patient financing for providers.

1. Empowers Patients

An estimated 79 million Americans struggle with medical bills or debt. Unfortunately, individuals struggling to afford health services will likely choose to forego care due to a lack of financial resources. By incorporating patient financing into your services, you can make healthcare more accessible through affordable payment plans. With financing options, patients don’t need to wait for treatments and are empowered to seek medical care when they need it.

2. Improves Patient Satisfaction

Third-party financing partners utilize the industry’s newest technologies to take charge of payment tracking and collection, improving productivity and streamlining your operations. As a result, your institution can focus on quality patient care. Affordable financing options also remove the stress of unexpected medical expenses for your patients. With better care, accessible financing options, and improved billing processes, patient satisfaction increases over time.

3. Increases Revenue

Patient financing for providers can grow the customer base of a healthcare practice by making services more affordable for patients. You can offer patients another avenue to finance the treatments they want and need without worrying about covering your bill. This option positions you as an advocate for your patient’s health and well-being. You’ll drive patient loyalty and keep them returning to you for more procedures and treatments, building your reputation and word-of-mouth brand ambassadorship from your patients. As your customer base grows, so does your revenue as a healthcare provider.

4. Creates Competitive Advantage 

Having more financing options can set your practice apart from other providers. Patients will always choose a healthcare institution that empowers them to get the care they need over a provider who expects them to pay in one lump sum. As a result, you develop a competitive edge and encourage patients to choose your services every time.

5. Helps Achieve Better Financial Stability

Patient financing for healthcare providers can help keep cash flow consistent for your practice. Many patient financing companies offer ACH and direct-deposit services to enrolled providers, minimizing wait times for payment and assuring full payment for patients’ scheduled procedures before surgery. Financing reduces strain on providers’ bank accounts and office staff because medical financing companies assume the entire loan risk. It also means that your in-house team won’t spend energy and resources collecting patient payments.

6. Reduces Costs and Administrative Burden

In-house financing can be a costly and time-consuming process. It entails hiring employees, training them to handle medical financing, and maintaining the seamless functionality of these processes. Partnering with a third-party financing provider can reduce these burdens by delegating part of bill payment and collection to them. Tailored-fit financing solutions for patients also increase the likelihood of making timely payments, reducing the hassle of dealing with potentially problematic accounts.