How Elective Medical Practices Can Grow with Flexible Financing Solutions
Published May 5, 2025
How Elective Medical Practices Can Grow with Flexible Financing Solutions
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As the demand for quality healthcare continues to rise, so do the costs and that can put elective healthcare providers at risk of decreased leads and stagnant growth. While many conventional health services are typically covered through health insurance, most elective procedures are paid out of pocket and that can make the patient reluctant to proceed due to the cost.
But when that patient is presented with flexible financing options to help pay for the work, he or she becomes far more likely to move forward. More elective healthcare practices that are struggling to survive in a highly competitive marketplace are turning to financing as a way to gain leads, drive growth, increase patient satisfaction, and ensure the long-term success of the practice.
Cost as an Obstacle to Growth
The upfront cost of care remains one of the most significant obstacles for elective medical practices and while elective procedures such as cosmetic surgery, LASIK, or dental implants are often considered discretionary, these can have a major impact on the patient’s overall quality of life and provide strong physical and mental health benefits.
Unfortunately, a majority of patients seeking an elective procedure simply can’t afford to pay for the work upfront, in full. If the patient is unable to cover the out of pocket cost in one lump sum, the patient will either decide to wait until he or she is in a better financial position or ultimately decide to forgo the procedure entirely.
That can have a damaging effect on your elective medical practice’s financial health. When the patient decides to put off the procedure to a later date, that means you are putting off the growth of your business to some other time down the road. How long should you wait for your medical practice to generate revenue? How many patients can your practice afford to have walk out the door in the hopes they may return in the future?
Recent surveys have shown that more than half of Americans in need of medical procedures or treatment have delayed care due to the cost. The fear of going into deep medical debt weighs heavily as the main reason for avoiding treatment and that paints a rather grim picture for the healthcare professional who specializes in elective procedures.
This financial hurdle can put more patients at risk of losing out on opportunities to improve their overall physical and mental health and places elective healthcare providers at an existential crossroads between the practice’s financial health and patient care.
How Medical Practice Financing Stimulates Growth
Flexible financing options give patients more choices and work to reduce the obstacles to conversion brought on by cost. When you present patient financing options to your clientele, you aren’t just giving them access to financing, you’re giving them the opportunities for better health and wellness that might have been missed because they couldn’t afford your services.
Medical practice financing solutions benefit your medical business as well, because your patients are no longer forced to put off the services they need until they can better afford them. No more waiting. No more hesitation. Patient financing programs that cater to the needs of your clientele can impact the growth of your business and ensure long-term success in a number of important ways:
Higher Conversion Rates
Presenting the patient with financing options as early as the point of consultation can reduce reluctance due to cost. As a dedicated healthcare provider, your aim is to put the patient at ease by providing reliable healthcare services and solutions that will improve the health and well-being of the patient.
Offering an affordable patient financing solution to make the costs of care more manageable is just another component of that commitment to supporting and protecting the patients who have put their trust in your knowledge and expertise.
Financing puts the patient at ease by allowing them to pay for your services over time instead of all at once. If the patient isn’t forced to pay thousands of dollars upfront, he or she is more likely to have the procedure because they can split the cost over a series of low monthly installments that can fit in easier with the patient’s monthly budget.
The decision to move forward with care feels less overwhelming or financially intimidating because the cost is now more easily affordable. This is particularly helpful when discussing the patient’s options for treatment and the cost associated with those separate options, along with quoting the full cost of the procedure, you can provide different financing choices with payment schedules that break down the cost over time.
Higher Spend
If a patient is already concerned about the cost of care, he or she is more likely to take a conservative approach when it comes to deciding which elective procedures or treatments to have now and which ones can be put off to some other undetermined date. But scaling back treatment can put the patient – and your elective medical practice – at a disadvantage and potentially compromise the patient’s long-term well-being.
It’s no secret that putting off care can exacerbate a problem and make it likely more expensive to address as the condition worsens. While it’s true many elective procedures don’t come with an urgency that can negatively impact the patient’s health, putting off elective healthcare now could lead to a more pressing matter developing over time, one that may ultimately present an elevated risk to the health of the patient in the future and increased healthcare costs as a result.
But when you can extend flexible financing programs to your patients, they are more likely to get the procedure done now and they are more willing to get all of the work done instead of one small portion of it. For instance, if a patient needs extensive dental work but can only afford to pay for one crown, financing options make the cost of all the work more affordable and the patient chooses the comprehensive treatment regimen over the quick fix for now.
This not only supports greater positive health outcomes for the patient, but motivates the patient to spend more, thereby increasing the average transaction amount of your healthcare business invoices. All without lowering rates or needlessly cutting into profit margins just to drive more traffic to your elective medical practice.
Increased Cash Flow
Medical professionals who decide to include financing options as part of their services can improve cash flow by getting paid faster and sooner than without financing. No more waiting on late payments and chasing after unpaid invoices that keep your healthcare business from meeting projections and growing at a robust pace.
When you offer financing to your patients, your business earns revenue for services rendered and your patients have the flexibility to pay the way that fits best. Faster revenue means more stable growth for the long-term and increased cash flow to cover the costs of operating your practice. Staff payroll, medical equipment, administrative costs, all of the expenses that go into running a successful healthcare business are no concern when cash flow is running smoothly.
But it’s important to have the right financing provider on your side to be sure that you are offering the best and most innovative financing programs on the market today, that cater to your patients and the variety of obstacles and financial barriers that prevent them from hiring your elective medical practice when services are needed most.
Healthcare Providers Trust Fund My Contract
Fund My Contract is the industry leader in patient financing as we have helped medical practices of all sizes reach their growth potential by giving patients more choices when it comes to paying for the healthcare services they need.
Our financing programs get you paid fast, upfront, while the patient makes payments on the amount owed over predictable and manageable monthly installments at low or zero interest terms.
Working with Fund My Contract gives you access to our ever-growing network of eager and enthusiastic lenders ready to help you develop the financing programs that fit your patients best. Whether it’s a financing option with low monthly payments, one that offers more time and flexibility as to when the payments are due, or comes with a promotional low interest rate (for those who qualify), you work alongside the lender that meets your needs to create financing programs that put spending power back in the patient’s hands and make elective healthcare more affordable.
The way it works is simple: Your patient needs elective medical treatment but the upfront cost might be out of reach. You present the financing options your practice offers and discuss the program that is right for the patient. When the patient decides to proceed, he or she completes a quick and basic application on our dedicated online portal to find out which financing programs they qualify for and move forward with the approval and financing process.
Once the funds are ready to be transferred, your elective medical practice receives the amount owed upon demand and the patient receives the medical services needed. Your practice gets paid upfront and the patient makes his or her payments to meet the financial obligations of the funding agreement with the lender.
Fund My Contract provides your medical business with more lenders and higher approval rates to ensure the practice earns more income, increases cash flow, and enjoys faster growth.
Reach out today and speak with one of our medical practice financing experts to learn how your practice can benefit from a Fund My Contract membership.
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