Expand patient care with flexible financing solutions
As a healthcare provider, you’re always looking out for the well-being of your patients, whether that’s physical, mental or even financial. Cost conversations might be complex, unfamiliar territory for you, but providing and discussing financing options with patients can build trust, foster loyalty and give you both peace of mind.
That’s great news for you and your clients, but the even better news is most patients are hoping to have these conversations; they just don’t know how to broach the topic. In a recent Ally Lending survey, we found nearly 80% of providers said patients have cost concerns, and 20% of providers say that patients bring it up during their first point of contact.
By offering flexible, convenient financing options upfront, you can ease any concerns and get ahead of questions or issues patients may have about payment and affordability. As you begin to explore financing options you can offer at your practice, be on the lookout for these helpful features.
Rather than waiting for a patient to tell you a procedure doesn’t fit into their budget, a financing solution that can qualify them – without impact to their credit score – at the first point of contact saves you both time and possible uncomfortable conversations down the line.
By providing third-party financing that comes with pre-qualification, you’ll also take that responsibility off your practice, allowing you and your staff to focus on what matters most — delivering quality patient care.
High approval odds
It doesn’t matter if you’re in dentistry, primary care, veterinary, cosmetic or ophthalmology, no healthcare provider wants to have to tell a patient that their financing has been declined. Yet, with financing solutions that don’t cover enough of the credit spectrum, that’s often the case.
As you research your options for third-party financing make sure to ask about what percentage of applicants are approved. By selecting a solution with a moderate to higher approval rates you can be more confident in providing your patients with the services and financing they need.
A fast and flexible application
Worried your patients will shy away from financing because they think it will take too long to apply? A quick and agile application process that minimizes the amount of time and effort required by patients will ease their concerns. Look for third-party financing options that allow for in-office application, an instant credit check and the ability to sign paperwork electronically. Removing any of those process hurdles can assure you’re able to provide clients with the services they need.
A simple, secure platform
Patients don’t want to spend time filling out multiple applications only to wait to hear about their approval status from multiple lenders. A single-application solution that works with multiple funders gives your patients more choice and streamlines the process. For extra convenience look for solutions with full API integration, which will allow you to easily merge the application process with your existing technology.
While a strong financing solution stands to benefit your patients, don’t overlook the benefits for your business. As you consider your options, look for solutions that provide quick funding for your practice.
Waiting around for funds to come through can delay patient care and constrain your cash flow. Seek out financing options in which loan funds go directly to the provider as soon as possible. Ideally, your practice should receive the funds within one to two days of loan booking.
Turn consultations into conversions
Patient attraction and retention are essential to the success of your business. A fast, fair and flexible financing process is one effective way to make patients feel seen, heard and valued. Consider how offering straightforward financing solutions can help your business expand patient care.
Ready to experience the benefits of flexible financing?
In the beginning of the year, the U.S. inflation rate hit 7.5% (the highest it’s been in 40 years). The impact of this surge has been felt in every corner of the economy. While gas prices and groceries have topped the headlines, healthcare isn’t far behind.
Technology has unlocked the potential for new approaches that utilize data to create tailored experiences for each patient. The trend started in chronic care, but today personalized patient care is showing up across all forms of medicine.
Modern consumers know how to shop. Gone are the days when bedraggled bargain-hunters trudged from store to store, looking for the best deal. Now, a quick online search can yield top products sorted by quality, availability and price.