Healthcare/Medical/Dental Patient Financing: Serve More Patients and Increase Your Revenue
Healthcare costs are rising. So are insurance deductibles and prescription fees. As more and more patients struggle to pay for their medical needs, healthcare providers suffer as well. Healthcare financing is evolving, and practice owners must change with it if they want to stay afloat. Our team at StrongBox offers healthcare/medical/dental patient financing that integrates seamlessly with our revenue cycle management software. Read on to find out how we can help you reduce bad debt expense and increase your return on investment (ROI).
Patients’ Confidence in Healthcare Affordability is Declining
In a study conducted this year, only 62.4% of adults in the United States said they were somewhat or very confident in their ability to pay for healthcare costs. This is a significant decline from 2015, when almost 70 percent of individuals said they were confident they could pay for medical care.
In this same study, about 55% of adults with employer-provided insurance plans said they felt certain they would be able to afford medical care when if necessary. But what about those with individual coverage? One-third of all American adults stated that healthcare has become significantly more difficult to afford over the past year. Additionally, only half of the population said they would have the money necessary to cover the costs of an unexpected medical bill.
What Needs to Change?
The statistics mentioned above are staggering. Clearly, we need a better way to help patients afford the care they need. However, if healthcare providers keep performing treatment on patients who cannot pay, their business suffers. What is the solution? At StrongBox, we offer healthcare/medical/dental patient financing that benefits both the doctor and the patient.
Lending Partners and Patient Financing
What if you could give your patients the option to search fixed-rate healthcare loans from top-tier lenders? This is precisely what StrongBox offers. When your patient fills out an application, rates are provided without markup. Better yet, compared to medical credit cards, over twice as many applicants are approved. This option is not only ideal for elective procedures, such as cosmetic surgery and fertility treatments, it’s also extremely beneficial for individuals who do not have the money to pay for health-related procedures upfront.
StrongBox Healthcare/Medical/Dental Patient Financing
When it comes to patient financing, StrongBox offers two primary solutions: Select and Pro. Select is ideal for small to mid-sized providers. This cloud-based software works in conjunction with StrongBox revenue cycle management. Patients can complete their application in less than five minutes, after which it is submitted to a pool of up to 15 lenders. With terms up to 60 months and reasonable interest rates, this option is non-recourse to healthcare providers.
Pro is designed for large group practices and hospitals. This proprietary software identifies each patient’s credit profile and predicts their ability to pay. After approval, the healthcare facility receives funds directly within 24 hours. This increases average collections from 15% to 70%. As a result, practice owners can enjoy improved revenue and reduced bad debt expense.
Learn More about Healthcare/Medical/Dental Patient Financing with StrongBox
Are rising healthcare costs having a negative impact on the financial state of your practice? We can help. If you would like to learn more about StrongBox solutions, request a virtual demo. We can assess your unique practice needs and design customized software to address those concerns. Contact our Boca Raton, FL office by calling (855) 468-7876.