Using Patient Credit To Improve Cash Flow
Even if medical businesses want to accept credit cards, it’s just not practical. It makes sense that you want to offer your patients the access they need to important procedures, but not if your business is threatened by doing so. Patient credit addresses these concerns by catering to both sides. It gives you reliable payments and gives your patients accessibility to new levels of service and care.
While these types of finance services have many benefits, one of the most important advantages for you is the improvement of cash flow. With patient credit, you get paid at the start of the treatment. This reduces your exposure to various types of risks, including bad debt.
Your bills will be handled right from the start by the credit organization, rather than going through your own internal accounting departments. This, combined with effective use of other types of financial products such as invoice factoring, can improve cash flow to a point where you have a predictable income stream on which to build future growth.
Patient credit also improves cash flow by simply increasing your rate of treatment uptake. When patients can accept treatment without upfront costs, they’re more likely to move forward with the care they need.
This is also the case if they are able to pay in installments that they can factor into monthly budgets. Due to the higher operating costs involved, an increased volume in treatments performed doesn’t always equal better cash flow. However, you can be more confident in increasing workloads when you have payment programs that offer you cash up front for services rendered.
As a medical professional, you might be worried about the health of your patients in both a financial and physical sense. That’s why patient credit solutions offer a range of payment options to suit almost any circumstance. In fact, you can help your patients avoid undue initial costs by providing a financing option. This lets them retain savings for other emergencies, or simply access care if they don’t have those savings to begin with. While it’s not the primary function of medical treatment to care for a patient’s bank account, it helps to know that the cost of the services you provide doesn’t have to cause pain for the people you’re trying to help.
Increased cash flow is important in any business. In the rapidly advancing field of medicine, where new and more sophisticated equipment comes out nearly every year, being able to predict costs and revenues reliably is even more critical. Make sure you can continue to bring your patients the care they deserve by offering them the payment options they need.