Patient retention is the key to revenue growth of your practice. Its easy to work with loyal patients than to acquire new. Out of the several reasons why patients don’t return to a doctor, change their doctor or delay or cancel the treatments offered by the doctor is patient affordability. And this issue is faced by all specialists including Surgeons, Gynaecologists, Ophthalmologists, ENTs, veterinarians.
So even though doctors want to help their patients, they just can not do so since the patients can not afford the treatments. Patients are right at their end too because the out of pocket costs of procedures are not possible for them to afford. Thus even though how urgently they need to go through the procedures, patient affordability barres them from getting the treatments and comes in your way to earn revenues.
Patient Financing – One Solution to All These Problems
As we discussed that affording the treatments is the prime reason for patients declining the treatments, they can afford them when doctors offer patient financing. Patient financing supports your practice by offering several payment options to your patients.
Patient financing works as a motivational force for patients. Now patients have several options to choose from in order to make the payments for procedures. They can pay through monthly payments and thus afford the procedures.
Spread the Costs
Patient Financing helps the patients spread or divide the total costs of treatments. This way they don’t mind paying in small instalments. You also end up earning more since the payments now come with interest. Plus you have cash flow coming your way every month.
Increase Share of Your Business
Your patients, who could not afford your treatments, either visited any other doctor or just decided to delay or not go for the procedure at all. But when patients can afford, your revenues rise and you increase the share of your business.
Seems like that patient financing solves most of your problems. But this could not be the right judgement. You need to pick a comprehensive patient financing service that not only lets you choose your ow financing terms like down payments, rate of interest, late fees charges but also should do all the calculations automatically. MedLoft® is one such option that could help you solve the patient retention problems.
I hope you like the article and are giving a thought to enroll with a good patient financing company. If you have any questions, you can ask in the comment section below.
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