Growing your practice through patient financing options

Growing your practice through patient financing options

April 03, 2017
Revenue Management
From the April 2017 issue of HealthCare Business News magazine

By Dennis Kelly

There have been many recent advancements in the health care industry for which most practitioners are left utterly confused and overwhelmed when trying to decide which will most help their health care practices grow. One path to growth can be simple: offer your patients the ability to finance your services. Whether it’s plastic surgery, orthodontia, cosmetic dentistry or infertility treatments, elective procedures can be quite taxing on the wallet. Many patients considering treatments and procedures that aren’t covered by insurance are looking for the best ways to cover the costs.

While it’s by no means a panacea, the solution for many patients could be the availability of financing with a fast and easy application and approval process, terms that fit the patient’s financial situation and immediate funding to your practice. This allows patients to get the care they need now, with the ability to spread manageable payments out.

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Working with a financing partner takes all the financial risk off of your practice, both simplifying the process and improving your practice’s efficiency, but you need a partner. Think of it like making a referral to a specialist, only more so. You don’t have the resources to provide your own financing services, but you don’t feel comfortable handing your patients off to just any finance company. You need a partner you can trust with products and processes you understand and support. What should you look for in a financing partner?

Speed and efficiency
No longer does a patient have to head to the bank, deal with piles of paperwork and/ or wait days on end for a decision. Financial technology has provided the opportunity for your team to offer patients financing within seconds. Some companies offer financing via mobile apps, which allows paperless applications with near-instant approval decisions.

Trust and security
Given recent events, there has been quite a bit of consumer distrust in the financial services industry. For this reason, it’s important to make sure that you partner with a financing platform that offers substantial customer service processes, has significant funding partners and a secure network. Some recommended questions you can ask potential partners include:
• How many customers they have and have they been able to successfully fulfill the promises they’ve made?
• How many consumers have they helped with financing options?
• And from a security standpoint, how is their IT infrastructure set up?

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