In today’s healthcare landscape, many individuals cannot afford to pay medical costs; they require financing options to afford much-needed healthcare services. By getting patient finance services at your office, you provide innumerable benefits for your patients and your practice.
Read on to learn how patient medical financing can contribute to the success and health of your practice and serve those in your care.
1. Give Patients the Ability to Receive Care
The priority of any healthcare facility is providing patients with the treatment they need to enjoy optimal quality of life. Unfortunately, a lack of insurance and financial resources leaves many without access to healthcare.
Roughly 10 percent of U.S. residents do not have health insurance. That means one in ten Americans must pay out of pocket for healthcare services. In many cases, these individuals are left with no choice but to forego care because they don’t have the resources to cover medical bills.
But in-house patient payment financing changes that narrative. When you offer patient financing plans in your healthcare facility, you provide patients with the ability to receive the medical care they need and deserve while paying for those services through an affordable payment plan.
United Consumer Financial Services provides your facility with financing options for patients, including reasonable, affordable payment options. UCFS specializes in healthcare patient financing, giving you the resources and tools you need to serve your patients better.
Offering patient financing is simple through UCFS. After your practice has been approved, your patients enjoy a simple, fast application process. Notice of approval decision is typically granted in seconds. At this point, they can initiate their patient payment financing, paying the loan off over time, and their purchase or service can start immediately.
Providing financing options for patients gives them the confidence and security they deserve when seeking medical care. An inability to pay upfront for a procedure or treatment should not be a roadblock for your patients. And when you provide patient financing solutions through UCFS, it won’t be.
2. Increased Patient Engagement
Patient financing for healthcare providers promotes productivity and streamlines operations. Partnering with patient financing vendors allows your healthcare team to focus on the patient, not payment collection and tracking. UCFS handles payment collection through the life of your patient’s loan while providing U.S.-based customer support to answer all your patients’ financing questions.
Because UCFS takes care of collections, your team is free to prioritize patient care and engagement. As a result, you don’t need to allocate time to take care of financing tasks. Instead, you can spend more time talking with, listening to, encouraging, and engaging with your patients: crucial components of positive patient outcomes.
An increase in quality, meaningful patient engagement leads to better health outcomes. Engaged patients are more likely to attend their appointments and receive their recommended screenings. They better understand the decisions their providers make. Engagement leads to trust, which translates to patients feeling valued and following through on their doctors’ recommendations and prescribed orders.
By partnering with UCFS to provide financing options for patients, you preserve your time and spend it on your patients, not on organizing and carrying out your in-office financing.
3. Eliminate Resource Waste
Collecting payments for in-house patient financing programs can take a toll on your medical or dental practice. The burden of handling in-house financing can be overwhelming. In addition, time and money spent on in-house patient financing systems drain healthcare facilities of precious resources needed to run smoothly and provide patient care.
In-house financing requires significant time from your team. Even small practices must hire an employee to handle patient medical financing. That means clinics must provide a salary, benefits, and everything else that comes with hiring a new team member. As a result, in-house patient medical financing can cost your facility tens of thousands of dollars –– or more –– every year.
But by partnering with UCFS, your LASIK, hearing aid, or dental practice isn’t spending resources on payment collections. Your patient medical financing is done through UCFS’s simple portal. Log in to enter credit applications, approval decision appears in seconds, complete the contract in less than a minute, then start the patient service. The medical practice is paid in 1-2 days, and the patient begins their autopsy, so they never miss a payment. If there’s ever a question, UCFS provides friendly, helpful Cleveland, Ohio-based customer support to your patients.
Through UCFS, your patients can afford medical care with simple, planned monthly payments. And your facility doesn’t have to allocate resources to ensure patient financing is done right.
4. Competitive Advantage over Other Providers
Unfortunately, healthcare is not affordable for many. Even with insurance coverage, out-of-pocket medical costs are often too much for an individual to pay. For that reason, even insured patients face the difficult decision of scrambling to pay for healthcare costs or foregoing treatment altogether.
People want and need an affordable way to receive healthcare treatment. As a result, they will seek providers who offer financing to manage monthly payments for their medical care. When you offer patient financing plans through UCFS, you provide an avenue for patients to receive care while gaining a competitive advantage over other providers.
When a patient knows their provider offers healthcare patient financing, they feel confident in their ability to afford care. They are more likely to choose a provider with financing over another provider who expects patients to pay in one lump sum. By breaking up medical care costs into affordable monthly payments, you incentivize patients to choose your practice. Offer patient financing plans, and you can see an increase in patients coming through your doors.
5. Improves Financial Stability
In healthcare, the patient’s well-being is the priority. But you can’t ignore your bottom line. Implementing patient medical financing through UCFS helps improve your financial stability while providing access to vital medical care for your patients.
UCFS’s patient financing solutions keep cash flow consistent, so you have the capital to reinvest in your practice or hospital system while patients can repay their installment loans over time. In addition, your practice won’t feel the burden of unpaid medical bills because UCFS pays you directly just days after your patient signs their contract. Patient financing solutions through UCFS help keep your practice healthy and viable regardless of changes in the healthcare environment.
Conclusion
United Consumer Financial Service knows the patient financing solutions you need. With decades of experience, our team can predict your needs and has the tools and resources required to
Contact our team today to learn how to serve you and your patients through simple financing options.