Did you know that healthcare financing can have a positive impact on the overall wellbeing of your patients and practice? Your patients that don’t have insurance or the funding to pay for healthcare can receive what they need, and you get paid on time. The truth is the high cost of healthcare can have more of an impact on your practice than you might realize and financing has several positive impacts.
-Provides patients with access to the care they need
-Increases your client base
-Improves provider/patient relationships
-Grows your revenue
Healthcare Financing Explained
The term “healthcare” describes any medical procedure that improves the wellbeing of an individual. The term “healthcare financing” describes the management of funding for these medical procedures/treatments.
This form of financing refers to payments regarding medical services including dental/hospital/physician care, prescriptions, and other medical needs. If a patient is unable to pay for their medical expenses, they can use healthcare financing to receive the care they need.
What Does it Mean for Your Patients?
You must be careful with patients who use healthcare financing. If a provider collects payments themselves, the relationship between the provider and the patient could become strained. After all, both medical and financial conversations can be challenging, and placing both on the medical provider can make things complicated.
When a provider offers in-house financing, you must find the balance between relaying healthcare information and collecting balances owed by the patient. When it comes to negligent patients, providers must learn to find ways to take care of the provider/patient relationship, while managing financial pressures.
On the other hand, if a provider offers flexible options when it comes to financing, the financial conversations become easier, which decreases the pressure to collect up-front or past due payments. Patients become aware of the terms and conditions, as well as payment deadlines, and can come up with a payment plan that suits their budget.
What Does it Mean for Your Practice?
The United States spends more on healthcare costs than any other nation- and the costs continue to rise. This can hurt your healthcare practice.
Unfortunately, medical providers waste a lot of time, money, and energy collecting overdue payments from their patients. When more money is spent on healthcare, it means that other areas are neglected. This means that as your practice struggles to meet these healthcare costs, worker earnings stay the same and jobs migrate.
In the end, healthcare systems that spend a lot are simply not sustainable. However, when patients have healthcare financing options, they can choose a repayment plan they can handle, which grows your patient base and helps you succeed because when you have more patients, you have more revenue.
If you would be interested in learning more about what healthcare financing can do for your practice, contact Rexford Commercial Capital today. We will be more than happy to help!