68% of patients fail to pay off their medical bill balances in full by year’s end. That’s compared to 67% of people who are worried about paying off their medical debts. Patients don’t want to skip out on their bill and are looking for a way to pay when they just can’t afford the cost of care.
For many practices, medical lending is the solution patients have been searching for. And the practices that see the most benefits from patient loans? Those that know how to sell it to their patients.
But you’re a physician, not a marketing expert. You don’t have time to come up with a marketing strategy for your new patient financing program. That’s why we’ve created this handy guide to help you out.
Want to know how to market medical lending to your patients? Keep reading for our top 3 strategies.
1. Mention Medical Lending on Your Website
80% of people perform a Google search before visiting a new local business. That means your website is an excellent marketing tool for your practice. But it’s also one of the best ways to introduce prospective patients to your patient loan program.
Install a badge on your website or devote a page to explaining patient financing. Make sure to highlight the benefits of medical loans for patients, including the fact that everyone is approved regardless of creditworthiness and patients can build credit while making small payments over time.
2. Provide Pamphlets at Your Practice
For patients who don’t perform a Google search before visiting your practice, keep informational pamphlets in your waiting room. One study suggests that educating patients about health and related topics with waiting room materials leads to an increase in patient satisfaction.
3. Tell Patients In-Person
90% of patients are asking about their payment responsibilities before leaving your practice. Talking to patients about what they owe before the bill arrives can help improve collection efforts and patient experience. It also offers the perfect opportunity to market patient financing as an alternative payment option.
This tip also works well in tandem with screening for propensity to pay. Propensity to pay screenings help identify which patients are at risk of not paying their out-of-pocket costs. Those patients with low propensity to pay are ideal targets for your medical lending program.
Medical Lending for Patients
Have you been searching for a tool to help boost patient satisfaction and reduce bad debt at your practice? Epic River’s patient lending program can help you do just that. Contact us today to find out how to start offering our loan program to your patients.