Banks are vital to a healthy economy just like healthcare providers are essential for healthy citizens.
Yet that’s not the only thing these two industries have in common. With the increasing amount of uninsured and underinsured patients and the rising number of high deductible health plans, banks and hospitals have more opportunities for collaboration than ever. One way for these industries to work together is through medical lending services.
Medical loans are excellent options for patients, but they’re also good for banks and hospitals. Healthcare providers benefit from offloading statements to loan experts. In the meantime, financial institutions improve their ability to meet business objectives.
Banks get New Services to Offer
Medical lending offers banks the opportunity to diversify the number and types of services offered.
Adopting more loan services is always beneficial for banks, especially when they bring new borrowers onto your radar. With healthcare lending, patients make payments directly to the loan provider. That gives banks an opening to market other services these same borrowers may need.
Medical Lending Generates More Profits
With more loan options and a new pool of borrowers, commercial banks can generate more profits for shareholders.
Healthcare procedures are pricey and always in high demand. That, combined with the volume of people physicians and hospitals serve, makes the industry an excellent target for high return lending opportunities.
It’s clear that commercial banks can benefit from relationships with the healthcare industry. Yet it can be difficult to connect with providers without a middleman.
That’s why we at Epic River created our medical lending program. Our software connects patients in need with loan opportunities from banks like yours. Financial institutions get to diversify their loan services portfolios and increase profits. Meanwhile, you also create new relationships with healthcare providers for future lending opportunities.
If you’re looking for a novel way to meet your banking aims in 2019, you need to know about Epic River’s patient lending program.