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The wellness sector is booming and is forecasted to reach an astounding $11 trillion in revenue by 2034.1 Consumer appetite for wellness and specialty care offerings is an exciting area of growth in the healthcare industry.
Yet, for many practices, this growth and demand can feel increasingly challenging as patients grapple with rising care and insurance costs in tandem, including higher deductibles and out-of-pocket costs. As a result, Americans are taking on more of the burden of their healthcare bills. Many have just $500 or less in their savings accounts, leaving them unprepared for unexpected expenses.
So, how can providers bridge this gap between patient demand and financial accessibility?
It is possible — and it starts with providers having the right financial partner in their corner. Let’s take a look at three key ways working with a trusted third-party financing partner can help position practices to succeed while also helping consumers pay for care over time in a way that works within their budgets.
Providers across specialties increasingly recognize the value of alternative payment solutions. They’re critical for both practice growth and patient success.
Clear financing options empower patients to make informed care decisions and help providers deliver and meet patient expectations. A strong financing collaborator can add value from a business perspective while also providing streamlined payment support. Some key areas to consider and questions to ask when looking for a strong partner include:
When considering a financing partner, providers must be equipped to ask these questions to ensure that they have the right solution in place for themselves and their patients.
Tools such as patient portals, electronic health records (EHRs) and telehealth have become foundational for clinical operational efficiency and administrative tasks.2 It’s crucial that third-party financing partners are integrated into these systems so as not to create an additional workflow for healthcare teams.
Choosing a partner that has strong relationships with independent software vendors (ISVs) makes this possible. ISVs help healthcare leaders manage their businesses more effectively in myriad ways, including by enhancing the patient payment experience and making it possible for practices to seamlessly integrate customized technology into their systems. In this way, a financing partner can act as an extension of a provider’s team and daily operations, which helps free up team members for patient-focused care.
What happens if a patient doesn’t qualify for a specific financing solution? Patients may turn to their providers or care teams for guidance around financing resources to help pay for their services. It’s important for clinical staff to be prepared.
Multi-source financing (MSF) is a way to deliver additional financing options to help ensure that consumers can access the care they want. When practices work with a third-party partner that offers MSF, patients can get connected with lenders to help them finance the care they desire and could help practices reduce receivables sitting on their books.
By empowering patients with financing options that fit their needs, we can help people finance the care they want while easing administrative burdens for providers and staff. We’re building a more connected health and wellness experience — one that supports practice growth and care delivery.
To learn more about how a third-party financing solution can benefit your practice, visit https://www.carecredit.com/reviews/.
References:
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Fueling your practice: how third-party financing powers growth and patient access – Healthcare Finance News
