It is inevitable that people face the need for healthcare-related services, but many times, with and without insurance, there could be outrageous out-of-pocket expenses — expenses that are challenging to pay upfront right then and there.
Furthermore, practices and business-owners are placed in a difficult position when it comes to servicing those patients who are unable to pay in full at the time of treatment.
The simple solution could be turning them away, but this means that practices could be missing out on many opportunities to provide their service, as well as help more patients.
This is where having a reliable payment solutions system becomes a necessity for all healthcare practices to open their doors to serve more patients.
These are some of the top rated companies that can assist with your practice’s payment processing.
5. Clear Gage
ClearGage is a payment options system that delivers alternative payment options to patients and practices. The company works to provide patients alternative payment options for paying their portion of the healthcare bill.
Pros: ClearGage performs a soft credit check in order to approve patients for financing.
Cons: There is no guarantee of payments when the patient does not pay.
4. Prosper HealthCare Lending
Formerly American Healthcare Lending, Prosper HealthCare Lending is a patient financing solution.
Pros: Prosper HealthCare Lending does not charge any transaction fees. Patients with Prosper HealthCare Lending receive instant pre-approval without their credit being affected, and patients review the payment terms and rates prior to accepting the contract.
Cons: There are limited repayment options, and no options for guaranteed payments when the patient does not pay on time.
3. CareCredit
CareCredit finances healthcare expenses for all members of the family.
Pros: Patients with a credit score of at least 623 are likely to be approved for financing.
Cons: If customers have bad credit, they are turned away from financing. There is no option for guaranteed payments when the customer fails to make a payment. Transaction fees are anywhere from 15-39%, and the provider is responsible for covering this fee. Financing terms with CareCredit are non-flexible and set in stone.
2. iCare Financial
iCare Financial is a full-service consumer financial organization in dentistry, medical, veterinary, automotive, and consumer service verticals.
Pros: iCare Financial approves all patients without needing to pass a credit check. iCare Financial gets providers their promised payments on time, even when the patient is unable to pay on time.
Cons: The financing terms with iCare Financial are non-flexible. There is also a 15% transaction fee on each transaction with iCare Financial.
1. Denefits
Denefits is a one-of-a-kind payment options system that solves the common problems associated with customer financing, payment processing, and billing.
Businesses frequently face disputes and chargebacks from failed credit card transactions. Furthermore, many patients are denied by traditional lenders as the result of poor credit. For bigger practices, managing accounts receivable, past due accounts, and late payments proves to be challenging amidst the day-to-day operations of the business.
Denefits, however, has a solution to all of these issues through no fee payment processing, guaranteed customer financing, and automated accounts receivable.
No Fee Payment Processing
Regarding no fee payment processing, Denefits uses ACH bank account payments to provide practices with more security. This is because ACH payments are more secure and less vulnerable to disputes and chargebacks than standard credit card processing.
Transaction fees are low at only 3%, and businesses have the power of choice — to pass the transaction fee completely onto their customers.
Guaranteed Customer Financing
For guaranteed customer financing, Denefits allows businesses to provide financing to any patient, even those denied by traditional lenders, as all customers are approved instantly without a credit check. Businesses can choose the repayment terms, and customers can agree upon their low monthly rate.
Denefits also provides businesses with additional security by guaranteeing payments and taking on the debt, so businesses and practices can still receive the amount that they are owed.
Automated Accounts Receivable
The hassle of billing and collections is made easy with automated accounts receivable. Practices can bring their existing past due accounts over to Denefits, and their team will take care of getting the money that is owed to you.
Denefits will act as your own personal billing department, establishing communication with your debtors, and sending flexible payment options.
Using Denefits, businesses are able to capture more revenue by providing their services to all patients, regardless of their inability to pay in full at that moment or bad credit.
Regardless of the option that your practice chooses for payment processing, the best option is being able to give the services that your patients need at the most reasonable cost available for both parties.
To learn more about guaranteed customer financing and other payment solutions, visit Denefits online today.
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