Has your practice been wanting to establish financing for patients? Financing your patients is important to help them out but can be difficult to manage on your own.
That is why outsourcing your in-house patient financing is an important tool to have as a payment option.
Outsourcing your in-house financing is important so your practice can focus on the work at hand, while patients have an easier time getting the financing they need. This way, your practice does not have to worry about tracking down patients when payments are missed. All of this can help you run a stronger practice while helping your patients.
Importance of Outsourcing
Outsourcing financing is important to let another company handle the stress for you.
Handling payment plans and loaning people money is a whole job in itself and no practice has the time to handle that on their own. Between patients being seen and handling all other operational aspects of running a practice, it would be difficult to handle payment plans on top of that.
Not only does handling payment plans and processing help you run your practice, but it helps your patients. The easier it is for them to pay for their out-of-pocket procedures, the more they will enjoy their experience with your practice. This also improves the patient experience and care throughout the process.
Another risky part of setting up payment plans yourself is that they are easy for people to default on. It’s easier for someone to default since there are no repercussions and you won’t have time to track them down as a finance company would. Financing companies exist to help your practice focus on your work while they handle the rest.
Reasons To Use Other Companies For Financing
Handling Payment Processes and Collections
A huge benefit of using other companies for financing is that they will handle all of the payment processes. Not only will they help your patients set up payment plans, but they will handle all your payments and allow you to work while they handle all the financial burdens. This takes away any stress that payment processing causes, leaving you in a better position to handle everything else that comes with running your practice.
Collecting money from patients can be a difficult process that is not easy for a practice to handle. This is where the companies that offer finance options are helpful because once they set up the loan or payment plan, the work is out of your hands. If someone misses a payment, they will handle collecting the money from the patient and let you focus on working. When outsourcing financing, you are guaranteed your money and do not have to worry about it.
Checking Borrowers
All of the companies that provide financing will check the borrower and figure out if they can lend them money or not. If your practice is trying to set up a payment plan or loan, you will not be able to check their payment/credit history as finance companies can. Each company has its process, but no matter what, you as the practice do not have to worry about what kind of borrower your patient is. You can help them sign up with whatever lender you choose and the company can decide if they are going to finance the patient or not.
Accessing More Patients
Once your practice has financing in place, it will allow you to access more patients than before. There are many patients out there that need help paying for their medical treatment, but will not be able to go to your practice if you do not have the financing they need. This will help you expand the amount of business your practice brings in while helping people get the treatments they need.
Companies That Help You Outsource
ClearGage
One option for outsourcing your patient financing is ClearGage.
ClearGage offers healthcare financing for patients and payment processing for the practice. ClearGage does a lot of work for the practice, collecting payments so the medical offices do not have to track down the money while trying to focus on patients.
Their interest rates start at 9.99% and they offer flexible payment terms as well. This would lower payments for patients and allow them to access the care they need.
A soft credit check is needed to receive ClearGage’s services, which may prove difficult for some but is very simple compared to other lenders’ approval processes.
Denefits
Denefits is another great tool that will help your practice finance patients through payment plans.
The unique thing about using Denefits is that they offer payment plans and traditional loans. This means that there is no money being fronted to your practice, but it is helping patients by paying off the debt to you over time. This can be difficult for some practices who need the money upfront from a loan to keep up with their running costs. The one thing with Denefits is that the practice can set the down payment amount, so the practice can get enough money to help them cover their initial costs while continuing to help patients.
A major benefit of using Denefits is that everyone is approved since there are no credit checks required. This is huge for many patients that need help getting financing and are normally not approved. With instant and guaranteed approval, every patient can get the medical care they need. Denefits also offers guaranteed payments when using the in-house financing feature, so you do not need to worry about losing your money.
Denefits helps to set up payment plans for your patients, all while taking over your accounts receivable and handling collections as well.
Start Using Denefits Today
Use Denefits to start financing your patients today!
With Denefits, financing is easy and efficient since it is a payment plan. Every patient is automatically approved since there is no credit check, and there is no borrowing of money that will cause stress for the customer.
Set up your Denefits account today to begin financing patients and helping them get the healthcare they need.
Contact Denefits today to learn more!
The post Reasons to Outsource Your In-House Patient Financing appeared first on Denefits.
