Inadequate health insurance has caused many consumers to defer needed care from doctors and dentists. Avoiding treatment can be detrimental to the health of patients and also negatively impact the cash flow of medical practices. One solution to this dilemma is patient financing. This allows patients to sign on to a plan to pay for their medical care in manageable increments. Here are some of the advantages of using patient financing.
Treat Patients in a Timely Manner
When patients realize they can handle their medical bills in affordable monthly payments, they are more likely to be amenable to receiving the treatments that they need right away instead of putting them off. Instead of a single large expense, they make periodic smaller payments, which keeps their cash flow stable and increases their overall satisfaction with your medical practice.
Strengthen Cash Flow
Offering patient financing strengthens the cash flow of your medical practice. Many companies that provide patient financing pay your practice up front, which gives you the funds to handle your ongoing expenses.
Since the patient financing company takes care of collections, your personnel are free to spend their time on more urgent concerns. These include providing superlative care for your patients and growing your medical practice.
Attract New Patients
Once you offer patient financing, people seeking medical practitioners will tend to choose your service over those that do not provide financing. This is an excellent marketing tool to help you attract new patients. Additionally, the access to immediate treatment and lack of anxiety over their bills will give your patients a high level of satisfaction. They will rate your practice highly and also spread favorable word of mouth to their families, friends, and acquaintances. These referrals will help your business grow even more.
For more advice on how to use patient financing for your medical practice, get in touch with Growth Capital Team.