Why Patient Financing Options Should be a Priority at Your Practice
In a perfect world, business owners never experience a tight cash flow. Unfortunately, there comes a time for most business owners where you look at your budget and realize you need to be a little more diligent on how you spend your money. Your patients are probably doing the exact same thing you do at your business, which is why you need to establish patient financing options for them.
While some of your patients come to you for an existing issue that they want to have remedied, others come in for a routine checkup and find out they are in need of a procedure that their insurance might not fully cover. It’s little surprises like this that can catch them off guard, especially where their budget is concerned. There are a few things you need to do to make sure they get the treatment they need:
There may be a few different options for treatment, all of which you’ll need to carefully explain. You can explain which treatment is the most affordable. Maybe it’s not the best solution to the problem, but it can help with the problems they are experiencing and won’t drive them into debt. Then share with them the more comprehensive and costly procedures.
Make sure you discuss fees in advance of any procedure. Have a face-to-face conversation about the fee structure. This type of interaction will also help you establish a better relationship with the patient – they’ll remember that you carefully explained everything to them and they will trust you enough to come back for return visits for years to come.
Getting the news that they are facing an oral health issue can be stressful. It might take a moment for the news to settle in. That’s why you shouldn’t push them to make an immediate decision. You really need to gauge the patient’s readiness to proceed, which takes some instinct and careful study of body language.
There will be some patients who simply don’t have the money to spend on their oral health out of pocket. Even for patients who do have the money, they might prefer to make low monthly payments via a patient financing program rather than pay the whole cost of treatment in one payment.
Make sure your third party financier will work with people of all types of credit. Rather than choosing one that will only offer financing to people with prime and non-prime credit ratings.
At The HELPcard, we’ve established great relationships with healthcare organizations and have developed customized financing programs for their patients. Contact us today and let’s discuss how our solutions will be a perfect fit for your organization.