As a medical practitioner you realize the importance of patients receiving timely preventive care and treatment for illnesses and injuries. However, research shows that many people put off having medical or dental work done because they cannot afford it. One solution to this dilemma is patient financing. Here are some of the advantages of patient financing for you and for your patients.
Administer Treatment When It Is Needed
It is dangerous for patients to put off needed treatments because they perceive the costs as being too high. Patient financing allows them to pay for their medical care in monthly installments that they can afford. When they realize they have the option to finance their costs, they will be much more likely to keep up with their medical or dental visits.
Strengthen Your Cash Flow
When your practice directly handles long payment terms as a convenience to your patients, your funds become locked up in unpaid accounts receivables, and as a result, your cash flow suffers. However, if you work with a patient financing company, you can receive payment upfront. This gives you the cash on hand to handle your employee salaries, rentals of equipment, acquisition of supplies, and other expenses.
Receive Assistance with Collections
Working with a patient financing company allows you to focus on providing top-quality care for your patients and growing your practice. While you are attending to these matters, someone else is handling collections and late payments.
Improve Your Marketing
Having patient financing as an option creates a high level of patient satisfaction. In turn, patients will assist your practice with referrals to family and friends and enthusiastic word-of-mouth advertising. Additionally, when new patients are seeking affordable medical care, the options for payment your practice offers will stand out, and they will choose yours over competitors that do not offer patient financing.
For more advice on patient financing for medical and dental practices, get in touch with Star Capital USA.