The healthcare industry has seen significant transformations in recent years. In addition to improved services, more customers can now access healthcare.
Among the many positive reforms that have engulfed the healthcare sector are financial schemes. The number of medical insurance companies has been on a steady rise, which means that now more than ever, patients can access treatment services without worrying about hospital bills.
That said, there’s still a good number of uninsured or underinsured customers, who often miss out on healthcare. Luckily, practitioners are slowly beginning to warm up to the idea of consumer financing. Financing programs can play a critical role in lending patients the help they need while boosting the provider’s revenue.
As the wave of change continues to sweep the healthcare industry, here are four reasons your firm should offer financial programs to patients.
- Boosting bottom lines
If your company cares for uninsured patients, providing financial programs can be a reliable source of filling revenue shortfalls. Although more customers are getting insured, many remain discouraged to join medical schemes due to high deductibles.
With a financial program, you can guarantee them the treatment they need without them needing to pay immediately. Therefore, your business won’t lose potential patients and the revenue they would bring, because of their financial constraints.
- Reducing collections waste
Tracking payments from insurance companies often requires that you incur significant costs. Collection efforts come with expenditures on administrative personnel, and they take considerable time away from business activities. By offering financial programs to your patients, you’ll have localized the collection process to just your firm. You can therefore outsource financial management personnel and improve your efficiency, while effectively distancing your company’s medical department from -payment collection roles.
- Patient satisfaction
While a financial program will undoubtedly appeal to your customers, choosing to offer just the plans that are most favorable to them will guarantee their satisfaction. A no-interest or low-fee payment policy, for instance, will distinguish your program from high-interest insurance schemes and improve customer satisfaction.
Having an array of reasonable options also decreases the chances of a patient not affording to pay in full, and therefore minimizes the risks of having to carry the financial burdens yourself.
The healthcare landscape may be shifting, but providers still have an obligation to serve all their patients in the best way they can. Offering affordable financial programs will reduce your financial burdens while ensuring that patients of all income levels get the care they need. Moreover, merchant cash advance providers like First American Merchant offer funding solutions for medical customer financing programs, which means you’ll never have to worry cash flow.