You may not have thought of the healthcare industry as one which could make significant use of consumer financing, but with the whole medical landscape undergoing rapid change these days, both providers and consumers can benefit by taking advantage of medical financing programs. Here are some of the benefits which accrue to both parties with medical financing.
When patients can’t afford to pay medical bills, they become seriously disillusioned and unhappy with their providers. Medical companies which are able to provide favorable financing options to patients, such as low-fee payment plans, or no-interest payment plans, can significantly decrease the potential for defaulting on medical costs, and can at the same time increase patient satisfaction with their health provider.
Collection costs lowered, waste reduced
It costs a great deal of money for hospitals and other medical organizations to pursue patients who are reluctant or unable to pay their bills. This can result in extremely expensive administrative costs, and it will also usually trigger some degree of alienation with the patient. Alternative lenders offering medical financing can outsource this collection process, so that hospitals can focus on healing and caring for patients, rather than on accounting and collections procedures.
Medical financing improves your bottom line
Every hospital is forced to treat at least a certain percentage of patients who are under-insured or completely uninsured. But a much greater number of such patients in this category avoid hospital care altogether, knowing they lack the means to pay for it. If medical financing were made available to these patients, a great many more would avail themselves of hospital service, and significantly improve bottom line revenues.
Patients and providers both benefit
All medical organizations are committed to doing their best to provide quality care to all patients. One of the ways they can do this is through affordable consumer financing programs made available by alternative lenders. In this way, hospitals can be more certain of being fully compensated, and from the patient perspective, better services can be made available to them because hospital finances aren’t so strained.
Are you in need of medical financing? Learn more about our healthcare loans by contacting Bull Market Capital: Business Funding Solutions at 336-579-0110.