Expensive medical care can be a stumbling block that prevents patients from getting the healthcare they need. In fact, a report shows that 54% of Americans decided not to take the treatment because of the high cost.
On the other hand, unpaid healthcare bills have become a pressing concern for many healthcare providers. It restricts their cash flow and challenges them to meet their financial obligations.
However, introducing healthcare payment plans can be an effective solution to tackle these issues. A payment plan software makes it convenient for your patients to access the care they need while improving your bottom line. All healthcare providers must understand how crucial it is to offer payment plans that fit their patients’ needs.
Benefits of Offering Healthcare Payment Plans
Whether you’re planning to incorporate payment plans into your healthcare business or researching your options, here are some benefits that can help you decide.
Allows patients to pay on their terms
In an ideal scenario, patients would pay their medical bills. Unfortunately, that’s not the case with every patient. And most healthcare providers would like to get paid some portion of the amount owed rather than none.
Having flexible healthcare payment plans makes it easier for patients to split large medical bills into monthly installments. Smaller payments are more manageable than paying the whole amount in one go.
The same patient who first denies the treatment because he can’t pay it may now be ready to opt for a payment plan. It allows him to cover the treatment cost without having to pay the entire amount upfront.
Improves patients experience
Patients value the care you offer and want to pay what they owe. Implementing payment plans can give a positive experience to your patients. These plans streamline the billing process and alleviate stress and anxiety related to paying bills.
Moreover, providing easy payment solutions shows that you care about your patients and their financial well-being. It proves that you genuinely want to help your patients and make sure they get the treatment they need. This care can separate you from your competitors in a positive way.
Protected Cash Flows
Offering healthcare payment plans improves cash flows, especially when you deal in practices with out-of-pocket expenses.
These plans ensure that patients don’t have to struggle to pay their medical bills. Instead of waiting for full payments, you’ll have a steady stream of payments each month without additional work on your end.
Attracts potential customers
Payment plans not only benefit current patients, but they are also useful in attracting new ones. Offering easy payment options shows that you’re willing to deliver your services to patients with financial issues. A flexible payment option makes it easier for them to access the care they need irrespective of their financial backgrounds. For many patients, this is a dedicating factor in selecting their healthcare provider.
How to Implement a Patient Payment Solution
The first thing is to choose a trusted software partner like Denefits that can manage and collect payments without you stressing over it. Denefits is an innovative software for businesses to offer flexible payment plans to customers, ultimately helping them earn recurring revenue.
Tell your patients about payment options
A proactive approach is important when you have patients who can’t afford to pay the medical bills in one go. Once you get a payment system in place, tell your patients about the various payment options you offer.
Bring them up during consultations or post them on your website. Send newsletters or emails to let all your patients know how they can benefit.
Give choices to your patients
Offering a variety of payment options, like weekly installments, monthly installments, or BNPL, benefits both patients and businesses. So, having multiple healthcare patient payment solutions makes it more convenient for patients to select the option that matches their budget and needs. It encourages the patients to feel they’re in control of the process.
Store payment information on a file system
Another feature to include in the implementation process is a card-on-file system. It makes the payment process easier for patients and healthcare providers and allows them to have their payments automated. This accelerates the payment process and helps avoid delayed or missed payments.
Establish clear policies for late/missed payments
Even with cost-effective payment plans, some patients still miss their payments. For this reason, it’s vital to have late/missed payment policies. Make sure patients understand the consequences of delayed payments when they choose the plan.
How Denefits Helps Healthcare Providers Streamline Their Payment Process
Denefits is a complete payment solution that simplifies the payment process for healthcare providers and their patients. It offers flexible payment plans for all types of medical treatments.
Denefits has a NO CREDIT CHECK policy, which means all your patients get approval no matter what their credit score is. Denefits’ goal is to help healthcare providers attract and retain more patients rather than see them walk away.
The flexible payment plans allow patients to pay their medical bills in affordable monthly installments. It takes off the burden of out-of-pocket costs, making healthcare more affordable and accessible for patients.
Denefits also collects bad debts automatically to help healthcare providers recover unpaid accounts without lifting a finger. Incorporating Denefits’ payment plans is a risk-free way to boost your sales and revenue.
Conclusion
Offering healthcare payment plans is an ideal way to enhance your patient experience and improve your business’s bottom line. With flexible payment options, you can make billing simpler and more manageable for both you and your customers. With Denefits, your practice’s financial operations will run smoothly and your patients will have peace of mind knowing they can access the treatment they need.
Integrating Denefits into your financial system is easy. Request a callback to get started.
