Delayed treatment for patients and missed revenue for healthcare providers are negative impacts when patients cannot finance their medical care. To solve these problems, patient financing has become a popular option allowing patients to receive needed care immediately by accessing the payment plan. On the other hand, the medical provider gains increased medical practice revenue receiving payment upfront or over time as the patient pays.
Patient Financing Benefits for Patients
Timely Treatment
With the ability to pay down the cost with affordable monthly installments, patients can access treatment and care they require immediately without delay due to payment concerns.
Increased Treatment Options
Patient financing gives clients the freedom to explore and carefully consider additional treatment options that otherwise would not be possible when they are worried about finances. This improves customer satisfaction with your medical services.
Patient Financing Benefits for Your Practice
Increased Cash Flow
Patient financing frees your practice from bearing the brunt of installment payments without interest on your money and shields you from loss from defaulters or eventual non-payment. The financing institution absorbs all these risks, and costs enabling cash flow for your practice by paying you upfront.
Reduced Administrative Burden on Your Staff
When paid upfront, your staff can move from focusing on collections to other productive work like patient care. Billing and administering patient payments work is also passed over to the patient financing partner freeing more of their time.
Improved Treatment Conversion Rates
Affordable monthly payment options result in immediate treatment decisions by patients and eliminate lengthy decision-making processes due to budget calculations. The benefits include increased conversion rates and more billable services for your practice.
Patient Referrals
Resulting from treatment options and flexible payment plans, a satisfied customer will always tell someone else. This increases referrals to your practice translating into new business and revenue. Take your medical practice to the next level by engaging a patient financing partner. Patient financing comes with numerous benefits that every medical practice may want to consider. Reach out to SV Financial for more information on which patient financing options you can offer your clients.