If a patient hasn’t paid their medical bill in six months, they won’t pay it at all.
According to Becker’s Hospital Review, 64% of patients abide by that rule. People want to take care of their medical bills but, with the rise of high-deductible health plans and out-of-pocket costs, it may seem impossible. Medical debt is embarrassing for patients, especially when they have no way to pay.
You took an oath to do no harm yet medical debt hurts patients as much as it hurts your revenues. Healthcare providers need a way to help patients feel more confident about paying for care.
That’s why patient financing is the best choice for providers who want to do no harm.
What is Patient Financing?
Patient financing connects patients with medical loan options.
These loans are low interest and are even available for patients with poor credit. Patients can use loans for deductibles, co-insurance, and self-pay.
Patient financing helps patients pay their bills while you’re immediately compensated for your services.
How Patient Financing Helps You Do No Harm
Patients love medical loans because they’re connected with loan options to fit their unique budget.
There’s no credit check so everyone is approved, including non-US citizens. Patients can actually improve credit while making low monthly payments. Patients can even choose to make loan payments with pre-tax HSA savings.
Interest rates are fair and there are no fees or prepayment penalties.
Patient financing makes it easier on you, too. You’re paid upfront and in full for your services. Meanwhile, clerical duties like statements and payment processing are offloaded to the loan provider.
If you want a better way to do no harm, you need Epic River’s patient lending program. Our billing software connects patients with financing options at no cost to you. You’re compensated for your services and everyone qualifies.
That way, you can improve patient satisfaction and do no harm while getting paid for your hard work.