The healthcare climate has changed a great deal over the past several years. Those changes may be just the tip of the iceberg as medical practices face further developments in the coming years. While many medical practices are facing the need to adapt, there is one solution that may provide a way for the level of care to remain consistent. For some practices, healthcare financing may be the solution that allows practices to continue treating patients with an appropriate level of care. There are three important benefits to implementing a financing policy.
One: Protects Access to Patients
One of the top concerns for healthcare providers is the ability to offer the right treatment plans and appropriate amount of healthcare services to their patients. When patients are under-insured, uninsured, or simply can’t meet their high deductibles, those patients often stop seeking services. This loss of business can be nearly as harmful to the practice as it is to the patient. A financing option provides patients with an affordable option and allows access to medical care that may have been out of reach for some patients. As patient satisfaction rises, the success of the medical practice may also become more stable.
Two: Decreases Collection Costs
Under the current system, when patients are not able to pay their high medical bills, hospitals and private practices see a rise in their own costs. The frustration and expense related to collection efforts can take their toll on even large, well-established healthcare organizations. For smaller practices, this burden can lead to serious difficulties. For those smaller practices, the time spent on collection efforts means time taken away from the more important focus of the well-being of all patients. When healthcare financing is a possibility, medical organizations may be able to avoid much of the aggravation that accompanies the practice of collecting past due amounts.
Three: Improves Financial Stability
Finally, by providing a financing option to patients, a healthcare organization may also be protecting their own bottom line. As a growing number of patients find themselves without insurance or without the ability to meet high deductibles, medical practices are losing patients. Healthcare financing gives potential patients the ability to seek care even when they aren’t able to immediately pay for that care. The financing programs can also provide the medical practice with a way to avoid the amount of unpaid bills that would have otherwise negatively impacted the practice’s bottom line. These three benefits may be the difference between a dwindling practice and one that remains healthy and viable in spite of changes in the healthcare environment.