Boost Patient Admittance and Care with Low-Cost Financing
The effectiveness of treatment and patient care are easily two of the top concerns of any medical practice. When seeking medical care, patients expect more than a procedure. Convenience, affordability, and ease of patient financing are all top concerns for patients, according to a recent article in Becker’s Hospital Review.
Sixty-five of respondents cited cost as a “strong influence” of their overall satisfaction with a healthcare provider. More than 40 percent of respondents said rising healthcare costs would influence their interest or ability to seek care.
If your medical practice is interested in improving profitability, digital is the solution. StrongBox’s Revenue Cycle Management solutions and low-cost patient financing will allow your business to drive case acceptance rates while improving overall patient care.
How Payment Plans Benefit Your Hospital or Medical Clinic
Higher deductibles and copays are the new reality for many patients. To continue to access healthcare, millions of Americans are signing up for high-deductible health plans. Those plans put a larger financial burden on patients who may have to pay $5,000 or more out of pocket before insurance benefits kick in.
Between 2006 to 2016, average deductibles increased from $303 on average to over $1,200, according to the Henry Kaiser Foundation. As insurance companies trim down financial responsibility for treatments, patients are increasingly liable for larger portions of their bills
If patients believe that there are no reasonable payment options for treatments, they may willingly forgo payments to avoid treatment in the first place. These options are bad for their health and your company’s finances. One key to preventing debt going to collections is to connect with patients early in the revenue cycle process by offering low-cost financing and payment options. By building trust through transparency, patients are more likely to honor their medical bills in a timely and predictable manner.
So how do you connect with those patients early in that process? By integrating StrongBox’s online patient financing tools.
How Does StrongBox’s Patient Finance Options Work?
StrongBox offers your patients online and mobile access to top-tier lenders. Providers receive an enhanced revenue profile and a lower risk profile. StrongBox’s efficient online solutions create a better patient experience, which in turn leads to higher patient satisfaction and higher patient retention.
We offer two financing options (Select and Pro) that will provide your patients with:
- No hidden markups
- Fixed-rate loans
- Interest hike-free payments
- Zero credit score impact
- Fast lender response (usually within minutes)
- Hassle-free applications
- Fixed monthly payments
By empowering patients to handle their own billing and financing, your business will benefit from increased patient compliance rates and reduced delinquent payments. Nearly 80 percent of patients consider billing options when choosing their healthcare provider. By partnering with our online services, you will be sending the message that your business is listening and addressing those concerns.
Improve Your Earnings and Patient Care With StrongBox eSolutions
From the customer’s perspective, patient care involves more than effective medical treatments. From the moment a patient learns about your convenient online and mobile phone payment options until the final installment payment is processed, StrongBox will be there to ensure that your patients are receiving the best customer service and customized financing options available.
If you are ready to integrate our Mobile solution & Payment Portal platform into your online services, contact our Boca Raton, FL office online or call (855) 468-7876.