Could Your Medical Practice Benefit from Patient Financing?
Many patients delay or avoid medical treatments because they feel that they cannot afford them. One solution to this difficulty is patient financing, especially when it is handled by a third-party provider. Here are some of the advantages of using patient financing in your healthcare practice.
Provide Options for Patients
Financing options that can be adapted to their individual needs allow patients to integrate their healthcare expenses into their overall budgets. When they are able to spread out their costs, they feel more in control. They are more likely to receive treatments promptly and pay for them in an expedient manner. This helps to mitigate their financial stress. It also contributes to their health and well-being because they can go ahead with needed treatments instead of putting them off.
Improve Your Practice’s Cash Flow
Active medical practices have continual ongoing expenses such as rent, utilities, employee salaries, supplies, and equipment. It is imperative that cash flow should remain strong so that you can meet all these needs. Partnering with the right patient financing provider reduces financial risk and gives you the funding to help run your practice.
Collecting payments from patients can be a tedious task. Working with a third-party patient financing provider relieves you of this burden and allows your personnel to focus on tending to the needs of your patients.
Grow Your Practice
Offering financing options creates a dramatic increase in patient satisfaction. Showing consideration towards your patients by alleviating their financial stress makes them more loyal and causes them to look to your practice for their ongoing medical needs. Satisfied patients will also tell their family and friends who are seeking trustworthy medical help about their positive experiences, and these referrals will help your healthcare practice to grow.
For more advice on how patient financing can benefit your medical practice, get in touch with Atlas Capital Solutions.