As per one study, 44% of American adults cannot afford their medical bills, and 93% of them believe that the money they spend on care is not worth due to unsatisfactory experiences. These stats clearly represent the need for patient financing services to empower patients to pay their medical bills without compromising on the care they receive.
Patient financing is a common barrier in the healthcare industry, unexpected bills leave patients unhappy. Not only that, requiring patients to settle the entire amount in one deposit upfront exacerbates 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.
At times patients switch to other providers in search of better financing programs to get financial aid along with quality care. Patient financing addresses all these concerns by providing patients with a convenient way to settle their medical bills. Let’s explore how patient financing can benefit your practice.
What is Patient Financing for Practices?
Patient financing allows your patients to pay medical bills over time and get the needed care without paying the entire amount upfront. But navigating healthcare financing for patients can be complex, involving various forms, payment plans, and interest rates.
Some practices offer internal health financing programs, where patients enroll, provide their credit details during appointments, and pay in installments. Another option for medical practice financing services is third-party providers, who act as lenders for the patient and lend money to pay the bills.
Benefits of Patient Financing Services
In a recent study by PYMNTS.com, 63% of patients expressed interest in getting access to payment plans in healthcare. 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, and making patients keep coming back to your practice.
Healthcare patient financing attracts new patients by offering flexible payment options, including installments, insurance, or loans.
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 ease this strain, patients need clear health financing options. CERTIFY Health empowers healthcare practices with flexible payment plans and patient payment management platform that helps providers manage outstanding bills more effectively while improving patients’ overall care experience.
3. Improve Cash Flow for Practices
Patient financing guarantees steady revenue collection, which improves practice cash flow. By providing patients with a variety of payment methods, the practice increases patient healthcare affordability, ensuring on-time payments, and increases financial stability.
Providers can enhance cash flow and lower financial risks by using patient payment management technologies. By removing the need for employees to follow up on payments, automated payment reminders expedite collections and guarantee consistent income.
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 health 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 enables your patients to make timely payments and eliminates the hassle of your staff and patients 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. As discussed earlier, financing programs also help practices improve patient retention and increase revenue collections.
Try CERTIFY Health for Patient Financing Solutions
While patient payment plans and patient financing services offer several benefits, their success hinges on partnering with the right platform. CERTIFY Health’s patient payment management platform offers flexible payment plans and RCM tool to simplify the payment experience and streamline revenue cycle effectively.
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.
