Patient financing is a necessary resource for individuals under your care. But, with so many options, how can you choose medical financing solutions that work for your practice and your patients? This article gives you our top tips for selecting a patient financing provider.
The Necessity of Patient Financing
According to a recent study, 46 million Americans –– roughly 18 percent of the population –– cannot afford medical services. Moreover, skyrocketing healthcare costs cause more than emotional and financing strain; they can bar patients from seeking out the care or services they need, causing significant issues at present and down the road.
At United Consumer Financial Services, we believe finances should not create obstacles for your patients to receive the care and treatment they need and want. Through our patient financing solutions, you can provide your patients with access to quality, compassionate care they can afford. We offer low monthly payment options that make paying for medical care affordable, predictable, and easy.
UCFS provides patient financing for the following medical markets:
- LASIK centers
- Hearing aid businesses
- Medical mobility and equipment
- MedSpa and Elective Medical Procedures
- Dental offices
A lack of cash on hand or a credit card should not prevent individuals from seeking out and receiving medical care. Through UCFS’s trusted and proven financing programs, we empower you to provide care to your patients who otherwise might not have the resources to pay their bills upfront.
The need for and necessity of patient financing is excellent. Without it, millions of Americans could not and would not seek care. But as a provider, how do you choose your patient financing provider? Below we give you tips for choosing a medical financing partner that best meets your practice’s needs.
1. Experience and Reputation Matters
Choosing a patient financing provider is not a task you take lightly. This decision affects your cash flow, your patient satisfaction, the support you receive, and many other factors that determine the success of your business or practice. You may already have financing from a medical revolving credit card company. Still, as you experience low approval rates or patients not being financed for the full amount, you’ll want to seek out a different patient financing option. You’ll want to partner with a firm that has the experience necessary to handle higher approval dollar amounts, higher approval percentages, and answers the phone by the third ring whenever you call.
United Consumer Financial Services has provided quality financing and service for over 40 years. Our team has decades of experience that allow us to anticipate your needs and the needs of your patients. Over the years, we have helped practices like yours provide the financing services required so patients can receive the care and treatment they need and deserve.
UCFS’s nearly half-decade of service indicates the value we can provide to your practice. UCFS has tools, resources, and employees with years of wisdom that contribute to a successful medical financing program for your practice.
2. Quick Payment
Cash flow is key to your practice’s success. When choosing a patient financing provider, you want to partner with a company that offers quick payment to your practice to receive the cash flow you need. UCFS promptly pays your business –– usually within two or three days after your patient signs their contract and the procedure begins.
Setting up a payment plan at the time of service is the best way to speed up revenue collection for your medical office. For example, UCFS’s installment loans allow patients to receive care or bring home medical equipment without paying their entire bill. Instead, they have scheduled monthly payments each month, and UCFS sends you payments in a matter of days. It is a win-win situation for patients and providers alike.
Quick payment allows you to continue operations as usual, including covering bills and expenses, maintaining patient intake numbers, and continuing a healthy level of liquidity.
3. Fast Application and Approval
Scheduling medical appointments or consultations requires sacrifice and time on the part of your patients. They might have to take off work, find childcare, or drive across town to come to your office. When they arrive, you want to make the experience seamless and straightforward, including their payment options.
You must select a partner with a fast application and approval process when choosing patient financing providers. For some patients, committing to a treatment or procedure can be intimidating.
UCFS anticipates this dynamic and offers fast patient financing applications for our medical clients. Your patients can easily apply for credit through our online application from the comfort of their own homes at any time of the day or from your office. Credit decisions are made in just minutes, so you can inform patients in advance of their approval and proceed with the treatment or sale almost immediately.
This quick process removes your patients’ strain and empowers them to choose the products or services they need. In addition, fast financing applications and approvals ensure you can treat the most patients possible while providing them with affordable payment options.
4. Concern for Your Patients
Your patients trust you to care for them. As their provider, you want to do whatever you can to earn and maintain that trust. That includes providing them with a patient financing firm that cares for them.
Medical payments can feel overwhelming to patients for myriad reasons. Emotions run high with healthcare services, and that includes payment plans. You want to show your patients that you care and that they’re more than a number.
At UCFS, we offer customer care to your patients that you can trust. Our Cleveland, Ohio-based customer support team is here to help your patients navigate payments, and we’re happy to answer any questions they have regarding their loans.
We know choosing a patient financing provider is a big task. The financing firm you partner with will act as an extension of your practice, so you want to work with a team that shows concern and care for your patients. At UCFS, we provide kind, helpful support that serves your patients and reflects positively on your practice.
The benefits of choosing patient financing for your practice go on and on. By partnering with UCFS for your medical financing, you can trust your patients have access to affordable loans and your financing is done right.
Grow your practice and make care accessible with patient financing through United Consumer Financial Services. Contact our team today to get started!