Over the decades, patient financing in developing countries has been operated to ensure that equality in health financing has been achieved. Patient financing does not only help individuals in developing countries but also in already developed countries.
According to research conducted annually by the Federal Reserve survey, about 40% of Americans cannot afford an emergency $400 bill without crediting. Some result to financial lenders for their bill clearance which is termed as patient financing.
Well, below are several patient financing benefits for your patients and your practice.
Patient Financing Benefits for Patients
- Treatment Isn’t Delayed
With patient financing benefits, a patient can continue with the treatment needed as they continue to pay off the treatment expenses in installments.
- Protect the Patient’s Cash Flow
A benefit to the patient is the protection from incurring a large expense that was not expected. It creates and increases the patient’s satisfaction with your practice.
Patient Financing Benefits for Your Practice
- A Marketing Tool
Many patients are more likely to seek care in a practice where financing services are offered compared to where financial services are not offered. Thus, the practice standing out from the rest.
- Patient Satisfaction
Many patients prefer practices where financial services are offered, thus creating patient satisfaction. It reduces stress posed by the treatment expenses. When patients are happy, they will return again and again and refer their friends and family to the practice.
- Better Use of Your Team’s Time
It is essential for a practice to partner with the patient’s financial provider. It eases the work where your practice receives their payment in a few days. Thus, saving time for your team to focus more on patient care, and other activities in the practice.
In conclusion, patient financing is vital for your practice and your patients. It accrues to various benefits such as increased customer satisfaction and on-time treatment for patients. Well then, it’s time to take your practice to the next level. At Eagle Bend Capital Financing, we offer healthcare financing solutions for your patients. Contact us today and see the difference.