Patient Financing – Why Your Practice Should Offer It
A recent story on NBC.com shared an all too common experience of an unexpected hospital visit for a young couple, the Raymans. As more and more people struggle to pay hospital expenses, a sudden medical emergency can break the bank. For the hospitals who provided the service, it can often mean going unpaid.
“77 percent of Americans cannot afford an unexpected
medical bill of $2,000 or more.”
Despite having health insurance, Rayman was hit with a $2,800 bill for surgery to have a golf-ball sized lump on his neck removed.
The family couldn’t afford to pay the surprise bill right away. But they spotted a phone number for a payment program and were able to secure a 0 percent loan for 36 months.
What does this mean for your practice?
Hospitals are beginning to partner with banks to help offset the costs and become a lender. Offering patient loans provides a manageable solution for the families, and can help your practice get paid quicker.
If you’re interested in learning how your practice can offer patient financing, talk to Provider Web today and see how our financial tools can help.