Answering Your Patients’ Questions About Medical Financing
The disconnect between health care practitioners’ services and patients’ ability to finance care have contributed to shockingly high unreimbursed medical insurance expenses for practices across the country. In fact, medical financing is one of the most troubling topics for providers and patients alike. We believe that by becoming more connected to your patients’ financing process through an easy-to-manage payment platform service such as StrongBox, you can reduce the time spent on billing and collections, while improving your revenue cycles for more efficient practice management.
With StrongBox’s service, your patients can search fixed-rate loans from high-quality healthcare lenders from one easy platform. No markups mean your patients receive the best rates, while you receive fast payment. StrongBox is a great solution for both you and your patients, but it’s normal for people to have questions about patient medical financing, and what options may be available to them. Below, our team has provided answers to common patient questions, so you and your office staff are prepared when patients pose important medical financing questions.
What is StrongBox?
StrongBox was founded back in 2008 as a cloud-based patient finance platform, offering desirable payment alternatives for patients needing more options for rising medical treatment costs. StrongBox is focused on helping both patients and providers in both the dental and medical field.
How does it work?
StrongBox offers patients payment alternatives through either self-financed payment installments, or through third-party financing from its collection of 15 trusted lender partners.
Can I use StrongBox’s financing service for elective procedures, or procedures not covered by my insurance?
Yes! StrongBox was made in-part because of the lack of options with financing for elective procedures in the medical field. StrongBox’s patient financial service can be used to cover just about any procedure offered by our medical practitioner partners.
How do I know if I’ll be approved?
We cannot guarantee approval, but StrongBox boasts acceptance rates double to that of most medical credit cards. If you have had trouble in the past receiving competitive rate medical loans, StrongBox could have the solution for you.
Will my credit card and medical history information be protected?
Information security is one of our top priorities, and we are PCI-DSS compliant (which means that we comply with the Payment Card Industry Data Security Standard for companies that accept digital payment methods) and HIPAA compliant to protect both your personal health information and sensitive financial information.
How can I make payments towards my medical treatments?
StrongBox offers a patient payment portal – a convenient online system that is available 24/7 for quick transactions and to check in with your account. From there you have transparent cost information, as well as updates to the status of your accounts. You can pay medical bills wherever you are via our mobile-friendly site.
Payments made through our portal require just five simple steps:
- Retrieve the balance of your treatment or service using your billing statement given to you by your medical provider.
- Select the amount you wish to pay towards the balance. You can opt to pay the minimum required amount or the entire balance.
- Select your preferred payment method. StrongBox accepts all major credit cards.
- Enter the billing address associated with the payment to verify the card’s information.
- Then simply review your selection and confirm payment details to finalize payment.
Contact StrongBox for More Information
If you want additional talking points, or have questions about StrongBox’s medical financing process for your patients, contact our team. Additionally, if you want more information about our revenue cycle management service, and how StrongBox could benefit your practice, contact us to set up a free demo. Call our Boca Raton, FL, office at 855.468.7876.