Patient Credit: Benefiting Everyone Across the Board
There are a number of reasons why a person might have trouble covering medical expenses. Whether an individual is between jobs or has his or her money tied up in a new investment, it’s not uncommon to see people struggling to find the cash needed to cover a visit to the doctors. By offering patient credit, you enable these people to work out a payment plan without being forced to sell their shirts. Medical problems can arise suddenly, and having a payment program that helps ease the financial burden can greatly benefit both you and your clients.
Reduce Financial Stress
If someone has an accident or runs into an unexpected bit of bad health, that person’s first thought is often about the associated costs. Medical procedures are by no means cheap, and there are a great number of people who neglect to take care of themselves because they don’t believe they can afford it. With patient credit, individuals can breath easy knowing that an expensive bill can be paid in monthly installments. The more manageable the payments seem, the more likely people are to seek out the treatment they need.
The financial stress is also reduced on the practitioner side. Instead of waiting for patients to pay outstanding invoices or, worse yet, going to collections to deal with delinquent payments, you’ll receive cash in monthly installments. This keeps your cash flow healthy while also allowing you to accurately allocate funds and predict when money will be coming in. Outstanding invoices, while appealing to creditors, don’t do your company much good. What you really need is cash on hand, and patient credit can help with that.
Improved Doctor-Patient Relationships
Everyone should, of course, earn money for practicing their profession, but the medical field operates best when that is not the focus. Your concern is with your patient’s health and that patient should be concerned with getting healthy. If the focus is paying bills instead of getting treatment, the process becomes strained and everyone benefits less. Extending credit is an excellent way to show that you care more about improving someone’s life than you do cashing the check at the end of his or her treatment. At the same time, your company will still bring in the money that is owed so you can continue to operate and serve more patients.
Patient credit is one of the rare forms of financing that benefits both parties involved. If you’re looking for a way to help your patients and your business, this is a great option.