Healthcare is something that is needed by all people, and yet it is one of the most expensive commodities out there. Together, these two realities makes healthcare financing a must for medical and healthcare facilities with their patients’ interests in mind.
The Inner Workings of Healthcare Financing
The field is robust, which is why you have plenty of options when deciding to offer your patients much-needed medical financing. The most common type is uncomplicated medical finance lenders; these are basically financial institutions that exist solely to provide bank-like services to medical providers. You essentially turn over patient payment responsibilities to the lender; the lender pays you in full, and then provides the patient with a payment plan to ease the burden on their wallets.
Alternatively, you can also opt for a traditional bank that offers medical credit cards. In this scenario, the card they issue you is dependent on your own creditworthiness as a business, which is then passed down to your patients. If the patient has a superior FICO score, then this can be used instead.
Benefits to Providing Healthcare Financing
The most obvious attribute is also the most common and helpful: no longer do your patients need to delay treatment due to an inability to pay for a costly procedure. It helps you the provider get back to doing what you do best: the practice of healing and assuaging pain.
Additionally, offering medical financing puts you ahead of your competition, as most providers do not yet offer this. It makes the doctor-patient relationship much stronger, since money issues never enter the healthcare facility.
How to Pick a Medical Finance Lender
It is a field rife with competition, so you should be able to find an acceptable lender that does not unduly compromise your business position. Look for one that has positive reviews when it comes to patient collection, since the administration and origination fees will be fairly standard across the board, as these are predicated on the credit score of your business.
Capital Finance Partners offers healthcare financing to all types of practices. Contact our offices today to learn more.
