Patient Credit: Improve Your Practice’s Cash Flow
If you run a doctor’s office, a dentist’s office, a clinic or anywhere else where you normally work with patients, then you’re not stranger to the financial problems that come with working in this particular industry. One of the biggest issues that can cause your practice to lose cash in the coming months is that potential patients simply won’t come for your services because they feel that can’t pay for the work you provide. While this is certainly a troublesome hurtle, it’s not an impossible problem to surmount. In fact, using patient credit can help you improve your cash flow in no time if this happens to be your main problem.
What is it?
Patient credit, simply put, is a way to draw in patients who otherwise wouldn’t be using your services simply due to price. Offering patients a source of credit and allowing them to pay for the treatment or visit in subsequent increments in the coming months rather than up front and all at once can really make them change their minds about visiting your practice in the coming months. This also means you’ll be drawing in more business, which is never a bad step to take for your practice in the grand scheme of things.
How it Works
When they visit your office (or perhaps before they leave), patients will be given the option to fill out a brief credit application for patient credit. The company you’re working with to get the crediting process going will run a brief credit check on the patient in question, and refuse or deny the patient based on what they find. If approved, you’ll be paid by the crediting company right away, and the patient will be responsible for paying the sum back to the other company over time on defined terms.
How it Helps Everyone
First and foremost, this is an excellent way for patients to get the care they need if they are otherwise unable to afford it. Whether it’s lack of insurance or another problem, offering credit can really make a huge difference in their overall health in the coming months.
This also benefits your practice by simply increasing the amount of traffic you see through your doors. Customers who feel they can afford the crediting services will visit, and it increases your chances of gaining new patients as well as keeping old ones coming back.
These are just some of the most basic principles you need grasp if you’re interested in patient credit. To learn more, speak to a professional about what this service can do for your practice and your patients in the coming months.