The cost of medical insurance is increasing with every passing day. In the past few decades, the USA has seen a significant rise in the value of medical bills, making people pay more. Therefore, there are two sides to healthcare experience pressure: the high deductibles and the cost of insurance premiums. Rising medical costs amplify the need for affordable and effective patient financing programs.
Patients have an option to pay their medical bills over a prolonged period with patient financing programs. When a healthcare provider becomes a source finder or lender for a patient’s owed amounts, it is referred to as patient financing. There are numerous types of financing medical services available in the USA wherein the provider holds the balance till the patient fulfils the entire payment. Patients find it comfortable with patient financing options as it eliminates the patient’s inability to afford the medical care they deserve. Patient financing options also make patients aware of how to pay for their medical expenses.
The two types of patient financing programs are:
The internal patient financing programs allow patients to make medical payments and do not charge them with interest. In contrast, third-party financing solutions offer flexible financing options by entitling the patients to trusted partners.
Also Read: Optimizing Patient Source Financing Through Pharmacy Assistance Programs
Working of Patient Financing Programs
The patient financing programs provide a personalized payment plan for patients in the USA to pay their bills easily. They offer various healthcare finance options and eliminate the risks of internal payment plans. The first step will be to give the patients insight into the available solutions. Then they provide the patients with a personalized payment plan after a deep analysis of their situation. Smartphones will be an ideal option to partner with third-party partners, integrating with the latest technologies. A classic example of the latest advancement in patient financing solutions is sending emails and customized texts to patients.
Patients receive options like enroll now’ or ‘pay now’ in their payment plan. Patient financing programs let the patients set up a personalized payment plan for themselves and pay their medical bills as per the terms. Based on the financing partner, patients will have an option to receive the funds upfront, which ensures an increase in their cash flow.
A study states that nearly 82% of consumers have stated that the healthcare providers must meet the patients’ expectations. When the needs are not met with appropriate patient financing programs, people tend to switch providers, which is quite natural. Statistics clearly show that 7% of the customers have shifted to another healthcare provider because of a mediocre experience. In recent times another concern in the USA is the continuous rise in healthcare costs. Hence, people aspire to seek streamlined experiences and simplified payment processes.
Building customer trust and loyalty are crucial for every patient finance provider. Therefore, one must provide tools that focus on improving the customer experience and meeting patient needs simultaneously to promote growth. Let us consider a few aspects that will help patient financing programs build a reputation.
Most patients do not have enough savings to cover their entire medical bills. Patient financing programs are rendering the best solutions in the USA by filling the gap and helping patients manage costs for a prolonged period. A few of the best patient financing practices to implement are:
Engaging Patients Ahead of Time
Patients have a natural urge to learn about the costs of financing programs at an early stage. Patient financing programs must share the costs and discuss the plan with the customers in the initial stages. The sooner they get the information, the better they feel. While doing so, patients learn more about the benefits and get ample time to design their payment plans. Mobile payments and online portals are the recent trends in patient financing services in the USA. However, the patient must choose the right partner who gives the approved payment plans.
Offering Personalized Payment Plans
Patients in the USA struggle to fulfil their medical bills because their medical bills do not fit their budget. They seek and need numerous repayment options to choose from and opt for the suitable program which suits their financial condition. Plans with limited repayment plans do not provide sufficient flexibility. Personalized patient financing programs are ideal if you are looking at the flexibility feature. With personalization, a patient will be able to make large payments in a shorter duration or small payments for a prolonged phase.
Notifying Availability Options to Patients
The key to successful enrolling into patient financing programs is patients’ awareness of the available plans. The majority of the patient population assumes that the financing program will not apply to them. A good patient financing partner must provide 100% approval irrespective of the credit score history, which notifies that the program is available to everyone.
Providing Flexibility to Adjust
Payment plans must be flexible in a manner that patients can revise the payment terms with the provider whenever needed. Flexibility criteria allow patients in the USA to avoid situations wherein they cannot afford the expense and prevent them from feeling bad about their situation. Thus, a patient must be able to create excellent patient financing programs for themselves which fit their budget and needs.
Working With a Trusted Partner
Most patients in the USA face the challenges of affordability towards healthcare which gives rise to the need for patient financing programs with a trusted partner. Working with trustworthy partners allows us to step up with in-house financing options. Though administering the in-house solutions include high costs, cash flow problems, and bad debts partnering with the right financing partner helps delegate the financing tasks best. It allows the providers to focus more on what is of great importance to the patients.
Moving Forward With Favorable Outcomes
Favorable outcomes and flexible patient financing programs are the best methods to empower patients to get the right care at an affordable cost. With favorable outcomes and options, not only will the patients develop loyalty towards their doctors, but they will also refer friends and improve the patient experience. Have in mind that patients who are confident to pay medical bills are always likely to payoff their balances.
Winding It Up
You must understand that the financing plans must meet patients’ needs and thus come in various sizes and shapes. The critical thing to remember is that the payment plan should support patients with the right tools and manage the rising out-of-pocket expenses. CoverMe is an incredible front end RCM solution provider in the USA, empowering various patients to pay medical bills on their own terms.
