Collecting Debt: A Primary Concern among Medical Doctors
You own a medical practice, not a debt-collecting agency. Unfortunately, as healthcare costs and deductibles continue to rise, doctors are struggling to collect payments from those with and without insurance. Out-of-pocket costs are higher than ever. In fact, in 2017, nearly half of all privately insured patients in the United States had deductibles ranging from $1,300 to $6,550. Today, our team at StrongBox explores this dilemma and explains how our software offers reduced bad debt expense and helps you increase your profit.
Patient Care and Collections: A Balancing Act
If you’re a healthcare provider, you likely have a passion for helping people. As a physician, you truly want the best for you patients. In fact, many doctors work with patients financially so that they can receive the care they deserve. Unfortunately, you also have a practice to run. In order to do that, you need to keep the lights on. How can you provide necessary care without worrying about bad debt expense?
StrongBox and its partners offer a seamless, fast, and high-quality financing option. As a result, patients can manage their own finances and doctors can provide quality care while getting paid on time, every time.
Exploring Healthcare Finance Statistics
We’ve already discussed the rising costs of healthcare and deductibles. Let’s take a look at some other statistics regarding healthcare and patient ability to pay:
- 80% of medical patients do not have the money necessary to pay their deductibles.
- Healthcare providers currently only collect 15 cents of every dollar billed to patients.
- More than 30% of insured patients still have a burden to pay for services.
- One-third of insured Americans have high deductible plans.
All of these factors contribute to patients’ inability to pay. StrongBox offers reduced bad debt expense and increased collections. The result is an efficient practice in which doctors can work less and get paid faster.
How Does it Work?
StrongBox partners with various lenders to serve the needs of both clients and patients. The most significant benefit for healthcare providers is that they receive their payment upfront, in full. This allows doctors to spend more time treating patients and less time tracking down payments. The StrongBox Finance module offers advantages to the patient, as well. They can simply apply online and review a list of approved lenders. By signing up for a plan through our services, your patients can stop worrying about unmanageable expenses and turn them into affordable monthly payments.
Two Options Catered to Your Specific Needs
StrongBox recognizes that each practice has unique, varying needs. That is why we offer two finance solutions: Select and Pro. Select is intended for small to mid-sized medical practices, while Pro is geared toward hospitals and multi-location networks.
- Patient completes online application in just a few minutes
- Bids are received from our lender group
- Plans have terms lasting up to 60 months
- Low interest rates for patients, between 6-30%
- Non-recourse to provider
- Direct approvals sent from single lender
- Identifies patient ability to pay through credit profile
- Funds are received within 24 hours
- Loans are interest-free for patients
To determine which option is right for your practice, you can request a personalized virtual demo. Our team will work with you and recommend a solution based on your unique needs.
Contact Us to Learn More
If you are looking for a program that offers reduced bad debt expense, enhanced cashflow, and an improved return on investment (ROI), StrongBox can help. To learn more, contact us online or call our Boca Raton, FL office at (855) 468-7876.