It can be very difficult for any medical practice to maintain positive cash flow, since they’re always at the mercy of receiving reimbursements from insurance carriers for services rendered. In the meantime, there are all kinds of monthly bills and expenses which have to be paid, including payroll. When patients are paying their own medical expenses, or at least some portion of them, it can be even more difficult to get them to pay in a timely fashion. Without healthcare financing, your practice will be obliged to issue constant reminders, and then rely on patients to eventually pay what they owe.
How Healthcare Financing Can Help
Many times, a patient will not have the resources to pay for their part of healthcare costs with out-of-pocket money. That means they will need some other option in order to make payments on time, and avoid defaulting on their healthcare expenses. You can provide this option to them through healthcare financing. If your medical practice establishes a system of healthcare Financing, you won’t have to worry so much about wasting time and energy on trying to get patients to pay.
In addition, you won’t have that awkwardness or tension with patients when you have to continually persuade them to settle an account. When a patient is enrolled in your healthcare financing program, they will have a set amount due each month at a particular time. They will also be aware of any penalties for late payments or non-payments, because these conditions will be set forth at the very outset of the agreement.
In order for your medical practice to offer healthcare financing to patients, you’ll simply have to contact professionals who can help you set it up at your practice, and then you can expect to have a lot fewer headaches related to bill collections.
Healthcare Financing for Your Medical Practice
Most medical practices would benefit by having healthcare financing setup, so as to improve cash flow. If you’d like to achieve positive cash flow for your practice, contact us at POM Capital & Finding Services.