Top Healthcare Payment Plan Software Options Other Than Sunbit

Health is wealth. It is a prerequisite for the social and economic development of any country. Any change in the healthcare market influences the prices and quality of medical services and products. Thus, fluctuations in financial and economic markets impact healthcare service providers and people's health.

Given the current economic situation, healthcare service providers should come together to help patients access treatments. But some may fear piling up outstanding invoices, preventing them from growing and generating revenue.

Fortunately, tech-driven healthcare payment plan software solutions are here to help.

Importance of Healthcare Payment Plan Software

CNBC’s report shows that around 1 in 4 Americans skip medical care because of the cost.

Irrefutably, many people are unable to seek the medical treatment they need. It is because paying for medical care can be an obstacle for them.

On the other side, the major concern for healthcare providers is unpaid medical bills that constrain their cash flow. It makes it hard to meet their financial obligations.

Therefore, providing easy payment plans is a reliable solution for healthcare providers and patients. It helps patients to clear their debts and improves your bottom line in the process.

It is where healthcare payment plan software comes into the picture.

Such tools help doctors and healthcare providers with the following-

• Offer payment plans
• Automate billing process
• Create invoices
• Improve cash flow
• Manage and collect payments
• Build a reputation
• Create a difference in people’s lives

However, finding the right tool to serve your needs optimizes your revenue, enhances your business’s reimbursement rates, and develops a sustainable medical practice.

Say, Sunbit. It is one of the best payment plan software solutions that helps patients pay their medical debts monthly, even amid the recession. Still, you don't have the option of one software solution. There are many.

We’ve listed the top alternatives to Sunbit that can help boost your business growth and revenue graph.

What is Sunbit?

Sunbit, a fintech company, offers practical financial solutions for users. Healthcare professionals using Sunbit software can automatically create payment plans for their patients and simplify their debt collection process.

Created with machine learning (ML) and artificial intelligence (AI) technologies, Sunbit has a 90% approval rate. It lowers the financial burden of patients for their medical expenses.

Sunbit provides patients with payment options. It helps them pay their bills through monthly installments for different medical treatments, such as eye care, dental care, and more.

Furthermore, Sunbit provides a next-generation, no-fee credit card, and point-of-sale lending option in more than 20000 service locations across the United States.

Sunbit brings several benefits to the healthcare field, but it has a few flaws. So, knowing about alternatives to Sunbit is crucial.

Top Three Alternatives to Sunbit

1. Denefits

One of the leading payment plan providers for the healthcare sector, Denefits, is an automated software that solves major payment-related issues.

It is the top alternative to Sunbit because of the following features-

• Customizable payment plans
• Automated accounts receivable
• No-fee payment processing

These features help businesses streamline their operations, enhance the working process, and make their services affordable to patients.

Benefits of Denefits for Patients:

• Flexible Payment Options and low interest: Denefits allows patients to pay the amount partially or in full, depending on their choice. It is one of the few companies offering lower interest rates in the country.

• Health First: Patients getting genuine payment plans put their health first. It makes them get the medical services they need and pay later comfortably.

• Improve Credit: Denefits reports payments made by patients to the credit bureaus, helping them improve their credit scores.

Moreover, Denefits has a 95% approval rate. Patients don’t have to wait to get approved, unlike traditional lenders.

Benefits of Denefits for Providers:

• Maintain Business-Customer Relationships: Denefits has an Accounts Receivable (AR) feature that helps you recover bad debts in the best way possible. It sends your patients respectful reminders with flexible payment solutions. So, they get options to pay off their debts.

• Enhance Your Cash Flow: Earn recurring payments from your outstanding accounts and boost revenue.

• Attract More Patients: The No Credit Check policy of Denefits helps your patients get approval regardless of their credit score. Denefits aims to help healthcare providers retain more patients and maintain strong relations with them.

2. Afterpay

Afterpay is the professional financial model that helps various industries encourage customers to use their services and pay later. This software assists people to spend responsibly without incurring interest, extended debt, or fees.

In the healthcare industry, this software encourages patients to know the value of the medical services they need and want. It allows them to maintain financial control and wellness by splitting payments into four for in-store and online purchases.

Benefits of Afterpay for Patients:

• Convert bills into easy installments
• Use for online and offline payments
• Interest-free payment opportunity

Benefits of Afterpay for Providers:

• High Average Order Value (AOV)
• Growth in the frequency of payments
• Effective API and web integration

An upfront payment is essential for those using Afterpay. It includes interest-free payments if patients make payments within six weeks. A payment plan with a longer duration charges interest.

3. CarePayment

CarePayment is a healthcare finance company. It bridges the affordability gap between healthcare providers and their patients with 0.00% APR patient financing.

CarePayment is proficient in providing patient finance solutions to physician practices, hospitals, and ancillary service providers in the United States. Founded in 2004, it has helped over a million patients pay their medical bills through flawless payment plans.

How CarePayment Helps-

With CarePayment,

• Businesses can finance their patients and improve their cash flow.
• Patients receive financial options so they can access the medical services they need.

This software partners with healthcare providers to help people get and pay for the treatment without costing them much.

Also, many users in more than 2000 locations across the United States trust CarePayment.

Wrapping Up!

Software used to create easy payment plans and simplify the debt collection process has brought tremendous possibilities and opportunities for the healthcare sector. For instance, Denefits remains one of the top choices for most healthcare providers and their patients.