Many patients postpone receiving needed healthcare because of the high costs of medical treatment. This in turn affects the cash flow of healthcare practices. A possible solution to this difficulty is patient financing. Which allows you to offer payment plans that make treatment more immediately affordable. Here are some of the advantages of patient financing.
Encourage Prompt Treatment
The main benefit for your patients is obvious. When they can meet their medical expenses with reasonable monthly payments, they are far more likely to agree to prompt treatments and procedures. Knowing that they will be able to afford their healthcare costs, they will remain loyal to your practice and return when they have additional medical needs in the future.
Expand Your Practice
When patients receive treatment on time in an easily affordable manner, they will not only continue to partner with you in a long-term provider/patient relationship. But they will also recommend your practice to their family and friends, potentially bringing in more patients. Additionally, you can use the lure of patient financing in your marketing campaign. As nowadays many people are seeking healthcare options that they can afford.
Strengthen Cash Flow
Healthcare practices have a continual need for strong, steady cash flow so they can cover the costs of rent, utilities, employee salaries, supplies, leases on equipment, and other needs. Companies that assist you with patient financing offer you the option of payments upfront so that you can handle all your expenses as they arise.
Partnering with a provider of patient financing means that you and your employees can spend less time handling collections and more time seeing to the needs of your patients. The financing company often assumes the tedious task of keeping track of accounts receivables and collecting payments.
For more advice on patient financing and its advantages for both patients and your practice, get in touch with Critical Capital Solutions.