Gaining More Ground With Patient Financing
The healthcare industry has watched as more and more Americans shoulder the brunt of their healthcare costs. It has fallen to providers, like you, to become more proactive in getting patients to pay on time. Patient financing is also becoming a marketing tool that’s helping patients pay on time and assisting you in growing your business.
America’s Health Insurance Plans Center for Policy Research highlights that high-deductible plans are growing. This creates a challenge for you as a provider as you now may be spending as much time chasing down debt as you are examining patients. According to the research, around 52 percent of patients are willing to pay something before they leave the doctor’s office, but they really need to know an estimate of what their total costs will be.
The best outcomes begin when a provider can open up lines of clear communication, perhaps through a patient portal, where the patient can stay engaged in their healthcare. This communication should extend to financial responsibilities. Too many patients leave the office not knowing what their responsibilities are. As a healthcare provider, your staff needs to convey all the information they can about co-pays, what the insurance will cover and what it won’t.
People who are newly insured under the Affordable Care Act might be at high risk for misunderstanding their insurance policy, which means your office has to provide information and fill them in. Nobody wants to be surprised by a bill, and with the proper education, patients will be less likely to put off payment they know they will owe. Another scenario involves giving patients the ability to pay online, from the convenience of their own home. In fact, nearly three-quarters of Americans are able to pay their household bills online.
You can also leverage automated technology to stay ahead of the game. For instance, eligibility, estimation and verification automation can take the burden off your front office staff and keep your patients in the know, faster and more efficiently. But can more be done to give patients options in how they pay?
Not everyone will have the cash on hand to pay for their medical treatment, and they don’t need a barrier between them and good health. A financing option should be available to patients who would prefer a reasonable monthly payment instead of a one-time payment that may be too large for them.
Financing is available in so many forms today, from the car lot to the big box store to a consumers’ favorite retailer. The healthcare industry is catching up and seeing positive effects when they too give patients patient financing options.
At The HELPcard we offer consumers a way to pay for their healthcare needs. It’s a revolving line of credit that can be obtained to purchase products and services. Thousands of merchants and providers are using it today. The HELPcard is unique in that it examines many levels of consumer credit, giving near-prime consumers an option they couldn’t count on before. To learn more about our services, contact us today.