Is it time to start offering your clientele patient financing? This is a great way to enable your patients to pay for medical treatment and procedures- which may not be possible otherwise. Without insurance, many patients are forced to use high-interest credit cards to pay for medical care. Patient financing provides an alternative.
Patient Financing Perks
Perhaps the biggest perk of offering patient financing is earning the loyalty and trust of your patients. This is huge. They will see that you care enough about their care to offer them payment terms that they can handle. Customers appreciate options- patient financing offers one. Patient financing also contributes to a larger customer base and increased revenues over time, too. It is a win-win for healthcare providers and businesses widely.
Types of Patient Financing
The two primary types of patient financing include internal systems and external systems. The latter typically involves a third party that manages the financing aspects for you.
Patient Financing Issues
As with anything, there is potential for some issues associated with patient financing. Not so much from the patient’s perspective, but moreover from the lender or financer- you.
Naturally, seeing a patient struggle and default on their loan can be tough. It could put them on a path that- as their caregiver- you don’t wish for them. However, watching a patient go without life-changing medical treatment is also painful for providers- which is worse?
Another downside to offering patient financing is the legwork involved in ensuring the client can pay. That may include credit checks, documentation, and income assessment. This may make a third-party financer a prudent move for smaller businesses.
Are you considering patient financing as an offering in your business? It is a great way to build a loyal clientele while also facilitating necessary medical care for patients. Talk to the team at Capital Funding Source to learn more about setting up patient financing systems.