By Compassionate Finance on Nov 1, 2017 3:30:00 PM
Some of the most heartbreaking moments in healthcare include watching patients that need care refuse it because they don’t believe they can afford the cost. Now, doctors can readily respond to patients’ worries through affordable payment plans that can help even those in average or poor financial standing get the treatment they deserve.
The issue of affordability hurts doctors and their patients every day, but current financing and payment options leave thousands of patients untreated who are willing to pay for procedures if only they were made affordable.
Now, through programs like Compassionate Finance, patients have the opportunity to set terms that work for their specific needs. No longer must patients leave a doctor’s office feeling that they missed out on a procedure that could change their life.
By adopting more affordable and flexible plans for people of all financial situations, patients can finally start saying “yes” to the care they need.
A Patient-First Approach to Healthcare Payments
When patients are intimidated by price tag, case acceptance can suffer dramatically. As an example, the average dentist in the U.S. has approximately $1.2 million annualized in diagnosed but untreated procedures in their practice. Patients have indicated the primary reason for rejecting treatment — across the board in healthcare — is cost.
Additionally, traditional financing and payment options aren’t always open to patients regardless of their financial situation, but this doesn’t have to be the case. In fact, less than 50 percent of patients get consideration for traditional healthcare financing due to poor credit or checking history. This leaves too many patients untreated and negates several procedures doctors could have otherwise provided with a better way to accommodate for patients.
Thankfully, Compassionate Finance offers an alternative payment options that sets patients up for success and gives doctors the opportunity to proceed with more cases. Instead of being presented with fixed terms for their loan, patients can choose the payment terms that work best for them and their budget. These plans are also readily available for patients to choose, so doctors only have to show the patients the platform if they need a better way to handle costs.
With genuine care at the heart of any practice, more doctors are approaching flexible and patient-driven options as a way to strengthen relationships with their patients. They’re actively seeking alternative financing options for their patients to supplement and often replace the more restrictive and unobtainable (for most) traditional options.
More Case Acceptance, Less Worry
The Compassionate Finance payment program is open to all patients, which makes it unique among payment options within healthcare today. This not only gives most, if not all, patients a window to better care, but it gives doctors a chance to increase their case acceptance. Instead of doctors recommending a more cost-effective procedure for fear of a patient’s financial situation, they can confidently suggest the most effective procedure knowing the patient has a path to affordability.
As doctors have adopted the platform, they’ve found that their collection rates have not suffered as a result of accepting more patients (to the tune of 95 percent and up). Instead of practices constantly tracking down patient payments themselves, Compassionate Finance manages the collection process but gives practices the tools to monitor progress. This gives doctors the chance to collect more than they would with traditional financing alone.
Even while more patients are accepted through Compassionate Finance, the program still succeeds because procedures are made genuinely affordable.
The Right Thing to Do
Too many patients walk away from care because they simply can’t afford it. By allowing for the discussion of payment plans, doctors finally have a way of giving patients care without hoping for the chance they qualify for traditional financing.
When patients are given affordable payment options that are predictable and manageable, doctors find more patients saying “yes” than ever before.