Help your patients manage their expensive medical bills
The cost of healthcare has increased substantially in the past few years, and studies have shown that any immediate relief is unlikely. The rising costs of healthcare are making more and more patients, either uninsured or underinsured. As healthcare costs are rising, many patients are skipping necessary care. So, is there anything that can be done from the service provider’s end that can help patients in managing their medical bills?
Running a successful practice is similar to running a successful business
The primary gap between your prescribed treatment and patients opting for that treatment is the associated costs. So, helping your patients in making your treatment affordable is the first aspect that needs to be addressed along with the prescription of any given procedure.
What can be done to bridge the gap between financing and treatments?
Communicating the cost of the required treatments must be handled gently. It can help create the framework for meaningful prospects of affordability. Offering multiple patient financing options have been proven to be most effective in the decision making of the patients.
Tailoring your payment plan options as per the need of your patients can be the cornerstone in eliciting a favorable response. When patients understand that you can offer them a plethora of viable financing options, patient’s trust gets facilitated automatically. It also helps to fortify the doctor-patient relationship, particularly during financial hardship.
What if patients have a low credit score and are rejected by traditional lenders?
In the medical financing industry, there are so many options that claim to solve the needs of the patients. However, if this is true, then healthcare should have been accessible to all. Moreover, the data on the patients devoid of the necessary treatments say otherwise.
The reason for such inconsistencies is the hard qualifying criteria — for instance, credit checks. Most, of healthcare financing companies in the U.S., run rigorous rituals of running hard credit checks to validate the payback abilities of the borrowers. This culture dictates an estimated rejection of about 50% of the applicants.
So, what can be done to help those in need of immediate patient financing but have a bad credit score or bad credit history?
An option of offering affordable payment plans through Denefits can pave your way to assist such patients financially. With Denefits, there are no credit checks. The business model of Denefits allows us to offer payment plan options without any credit checks. We believe that the current credit score or previous credit history is not a viable means to judge the future financial capabilities of patients. If practitioners are worried about any uncertainties, we got them covered with guaranteed payment feature. Hence, practitioners can stop sending patients away, who require both medical and financial assistance.
Denefits covers copays, overages, deductibles, and all similar out-of-pocket expenses
It has been often reported that while having health insurance or a coinsurance, most patients still end up paying for the out-of-pocket costs like copays and deductibles. Through Denefits, practitioners can help their patients to get rid of such overburden of their medical bills.
Are traditional lenders offering you a lump sum for your services?
Do you like to get a lump sum for your services? To some, it may seem like a reasonable alternative as it eliminates the risk of financial uncertainties. But do you know lump sums can affect your revenues for about 10 to 15%? Hence, a payment plan that ensures the full cost of your services paid along with handsome interest rates while guaranteeing timely payments can be a far better option to consider. Financing your patients through Denefits can help you achieve all the mentioned above.
