Healthcare financing can seem like an opaque and confusing world to many doctors and healthcare providers. For example, are you familiar with the terms capitation and risk-sharing? If not, you may find yourself at a loss when it comes to understanding your patients’ needs and matching them with insurance options that work best for them—and work best for you, too! But don’t worry—we have some resources here at POM (Peace of Mind) Capital & Funding Services that can help you navigate the waters of healthcare financing so that both you and your patients are better off in the long run.
Is Healthcare Financing Beneficial to Your Practice?
Your practice and patients can benefit from healthcare financing. They will pay you promptly, and clients without insurance can receive the care they need. In addition to providing healthcare access to patients, patient financing can enhance the patient-provider relationship and grow business revenue.
Healthcare Financing and Your Practice
Costs for healthcare in the US continue to rise regardless of the amount spent per capita or the percentage of GDP they represent. As a result, spending patterns of this type can harm your business.
In trying to collect overdue payments from patients, providers waste a great deal of time, money, and energy. In addition, workers’ earnings may stagnate as healthcare costs rise, and jobs may be at risk of migration to less-expensive countries.
Healthcare systems that spend a lot of money cannot be sustained. A healthcare financing plan can raise your client base and contribute to your success by providing more patients with the option of a sustainable payment plan. More clients go along with more revenue.
Healthcare Financing and Your Patient
Provider-client relationships may be strained when providers collect payments on their own. Therefore, doctors must maintain a healthy relationship between patients and themselves by carefully balancing the sharing of medical information with the collection of patient balances – and managing pressures with negligent patients.
Finance options make financial discussions between doctors and their patients easier, reducing the need to collect upfront payments or past due amounts. A patient will understand the terms, conditions, and payment deadlines so they can engage in a responsible, budget-friendly payment arrangement.
When a patient finds themselves in an invulnerable situation, and often an impossible one, healthcare financing is needed. To determine what services you should offer your patients, you need to consider their needs and preferences when dealing with financial institutions.
By choosing a healthcare finance option for your practice, you protect your patients from a predatory market that can charge exorbitant interest fees on loans with a large out-of-pocket cost upfront. In addition to maintaining their overhead costs, healthcare practices can also use healthcare financing options to collect payments from patients.
How do POM Capital & Funding Services for healthcare financing work?
Offer your patients finance options for healthcare to improve their wellbeing and your business. Healthcare providers have access to flexible capital through POM Capital & Funding Services. As a result, they can approve 100% of their patients, a significant change in their patient finance approach.
If you would like to learn more about our healthcare financing services, call POM Capital & Funding Services at (631) 354-9290 or write to us at [email protected] to schedule a free consultation with our team.
POM Capital & Funding Services is a leading provider of alternative funding solutions for businesses of all types and sizes, offering commercial finance solutions and products to businesses in the Centerport, New York area and throughout the state of New York.