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Why Practices with Patient Financing Retain More Patients

Posted by Haley Clark | Sep 6, 2019 11:13:40 AM

According to a recent RAND study, “high-performing” providers excel in the quality of, cost for, and access to care. But that’s not all. The study also showed that patient satisfaction contributes to a practice’s success, especially when it comes to retaining patients.

With the healthcare industry becoming increasingly competitive, you can’t afford to lose a single patient. The solution? Practices that deploy patient financing programs increase their retention rates by improving patient satisfaction. Keep reading to find out why.

Expanding Patient Pay Options Improves Patient Satisfaction

81% of patients are unsatisfied with their healthcare experience. And of those patients who are happy with their experience, the majority don’t interact with healthcare organizations very often.

What’s more, only 40% of patients believe their primary provider delivers a positive patient experience. That’s compared to the 63% of providers who believe they’re delivering the highest-quality consumer experience possible.

Patients and providers clearly view an episode of care differently. But what’s not so clear is the reason behind this disconnect.

According to some experts, patient pay may be to blame.

From the surprise medical bill crisis to the prominence of high deductible health plans, patient responsibilities are constantly increasing. And a 2017 Federal Reserve survey suggests that 44% of patients can’t afford a medical bill of $400 or more.

Giving patients alternative ways to pay improves satisfaction with an episode of care because:

  • Patients know they can always afford treatment
  • Patients feel more comfortable seeking care
  • Patients trust that you’re there to help

And when patients are satisfied with their experience at your practice, you won’t have to worry about losing them to your local competitors.

Increasing Retention Rates with Patient Financing

If your retention rates have been suffering, you may not be giving your patients the experience they deserve. The good news is that companies like Epic River are here to help by improving the way patients pay for care.

We created our patient financing software to introduce alternative ways to pay within timelines that suit your patients’ unique budgets.

If you want to start boosting patient satisfaction to solve your retention rate problem, you need Epic River’s patient lending program. Contact us today to find out how you can start using our program at your practice.

Topics: Patient Financing

Written by Haley Clark

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