Patient Financing Options for All Types of Medical Practices

Having emergency funds for medical care is vital. But the lack of funds can cause extreme negative situations for many individuals. Affording basic healthcare is a necessity that should be available to all, but unfortunately isn’t. Due to the lack of healthcare assistance and government funding, several Americans are not able to access medical care regularly. However, patient financing can ease the pain and make medical care affordable for individuals with different financial statuses.

A situation like this is prevalent across the healthcare industry. It could be primary healthcare, hospice care, dentistry, or cosmetic treatments. Every individual's needs are different, and irrespective of the reasons, patient financing continues to simplify people’s lives.

Multiple medical care financing options are available, and going over them can help you decide the best one for your practice.

First, Let’s Look At The Benefits of Patient Financing

Boost Sales

There are several benefits that medical practices can enjoy by offering customer financing. For one, it can help to increase sales, as patients are more likely to make a payment if they have the option to finance it. Treatments and products become more affordable when patients have the opportunity to pay over time. It is challenging for some to fish out a lump sum at once, so they may avoid the service entirely.

Grow Patient Loyalty

Additionally, it can help build customer loyalty. Those with a positive experience at your practice are more likely to return in the future. Patients will want to keep coming back, knowing that flexible patient payment plans are available. Being able to receive a service without paying the total upfront builds trust in clients.

Attract New Patients

Finally, customer financing can help practices to attract new patients, which can be a deciding factor for many. Services become affordable and repayment less stressful. Many people avoid going for treatments, knowing they’ll be unable to afford them. With patient financing options, those who would never consider your clinic will start to reconsider. Many people neglect their health due to the lack of funds, but they can budget and gradually pay for the treatment with patient financing.

There are a few things to keep in mind when offering patient financing:

1. It's essential to ensure that you understand your patient’s creditworthiness. This will help you to determine the type of financing options to offer and the terms to extend.
2. You'll want to ensure that you have a transparent financing agreement outlining the terms of the loan, including the interest rate, repayment schedule, and fees.
3. It's important to keep an eye on your bottom line, as patient financing can be a costly proposition if not managed properly.

If you're considering offering patient financing, look at these options. By understanding the benefits and risks, you can make a wise decision about whether or not it's the right move for your business.

Here are a few patient financing options any medical practice can consider.

Traditional Loans

If a patient has good credit, they may be able to qualify for a traditional loan from a bank or credit union. These loans can be used for any purpose, including medical expenses. The application process for traditional loans can be complicated and lengthy. Also, the patient may have to provide collateral if their credit history is not the best. The interest rate on a conventional loan is based on the credit score and history.

Medical Credit Cards

Medical credit cards are a type of credit card that can be used to finance healthcare expenses. These cards usually have a low-interest rate and offer payment plans that can make it easier to pay off medical bills. However, it's important to know that some medical credit cards have high fees. This is evidently more beneficial for your healthcare organization than for the patient.

Buy Now, Pay Later Financing

Also known as pay over time, this third-party financing option is one of the most convenient ways to help patients afford your services. Pay-later financing allows patients to get services from you now and pay later conveniently. By offering BNPL financing to your patients, you can boost your sales and grow your practice’s revenue.

Healthcare Financing Companies

Several healthcare financing companies offer healthcare loans to patients. These companies usually have a network of participating healthcare providers. So, the patient can use their loan to pay for treatment at a participating provider. These loans typically have higher interest rates than traditional loans, but they may offer more flexible repayment terms. Your healthcare practice can partner with a financing company to provide financing options to your patients.

No matter the financing option patients choose, it's important to compare interest rates, fees, and repayment terms before deciding. Also, it’s essential to ensure they understand the terms and conditions of the loan before agreeing to anything.

If a patient is having trouble financing healthcare, you can possibly help them use a patient financing option from Denefits that can meet their needs.

Endnote

Patient financing is available in many forms. Finding the right portal or platform will help your patients maximize the benefits of financing and experience financial freedom. An established platform known to offer reliable financing services to patients called Denefits is available through multiple practices already.

It offers flexible payment plans that allow patients to find a schedule that meets their needs. It simplifies the process for patients and makes it easier to pay for your services while helping you get paid for sure. Patients have the option of making a down payment of their choice to control the size of their monthly payment.

Denefits’ pay-over-time feature helps many patients enjoy services from all kinds of medical practices without breaking the bank. It also saves many individuals or low-income families from severe conditions by creating an accessible way to afford treatment.

Several perks of using Denefits are waiting for you. Your medical practice can see an influx of more patients as they’ll automatically start choosing you over others because you can fulfill their needs.

To learn more about Denefits and how to integrate it into your existing system, visit denefits.com.