How Financing Solutions Can Help Elective Medical Practices Scale Faster
How Financing Solutions Can Help Elective Medical Practices Scale Faster
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The long-term success of any practice in the healthcare industry relies on providing the best possible patient experience in order to maintain a high patient retention rate for continued growth. Care providers who offer elective procedures can often find it tougher to scale their businesses because the services they provide are not typically covered by health insurance, leaving the patient to pay for the costs of elective surgeries and treatments entirely out of pocket.
When the responsibility for payment falls entirely on the patient’s shoulders, he or she can become reluctant to move forward with the care they need because it places too great a burden on their financial health and the alternative is to wait until a later date where the costs can become more affordable.
Unfortunately, that can put your medical practice in a difficult position as surgical volume decreases, so do the revenue streams that support healthy cash flow management and continued growth and expansion of the practice. The quality of patient care is always your top priority, but as the financial performance of the practice begins to suffer, this can have a negative effect on your ability to maintain the highest standard of care.
Common Cost Objections to Elective Procedures
The Price of the Procedure
Lack of Available Financial Resources
Not an Emergency
Cost Challenges for Medical Practices
When your patients are expressing cost objections of any kind when faced with the price of an elective medical procedure, that delayed care not only puts the patient at a disadvantage but the success of your medical practice is delayed as well.
Any obstacle to care that prevents your patient from receiving a treatment or procedure presents a barrier to growth for your medical practice and if your patients continue to wait to receive the care they want, you may find that your business goes without revenue for extended periods of time.
How long will it be before you find yourself closing or selling the medical practice? How long do you want to wait to find out?
Your elective medical practice can be the best in town with glowing patient reviews and recommendations, but if your patients can’t afford to engage your services, none of those things will matter down the line. Cost is the biggest barrier to conversion for patients seeking elective procedures that can run thousands of dollars. What if there were a way to lower that barrier so more patients can proceed with the medical procedures they want because the consideration of cost has been addressed, thereby treatment is made more financially accessible?
Making Elective Medical Procedures More Accessible to Your Patients
Healthcare organizations work to ensure their services are available to all. But when the patient’s insurance policy can’t or won’t cover the bill, the patient is left waiting to move forward with the care he or she needs. Even with some complicated financial planning on the patient’s part, there can still be an extended wait time before the procedure can be given the greenlight to proceed.
Many public health services can assist patients with care but these typically won’t cover the costs associated with elective medical procedures and other government-run health systems in place will usually follow suit.
At the end of the day, it may be up to you and your medical practice to provide patients with access to the critical healthcare they require through solutions that address their inability to cover the out of pocket costs for elective care.
Financing solutions through Fund My Contract. One of the key strategies for accelerated scaling of a medical practice (or any struggling business for that matter) is to find a strategic method for achieving increased revenue without a proportional increase in operational costs.
When you work with Fund My Contract, you are connected with the most innovative and powerful network of lenders in the industry, all of whom are ready to work with your medical practice to help it scale faster by giving your patients more options when it comes to paying for the elective procedures and treatments they need.
The financing programs you offer can be as diverse as your clientele with features and advantages that cater directly to those patients who are unable to afford the elective procedures that your medical office provides.
Financing Programs and the Patient Experience
Financing options empower your patients to access the services they want, when they want, without the wait. Our network of enthusiastic lenders helps you offer financing programs that give your patients more choices, improving the patient experience with your practice.
Most patients who need elective surgery are forced to pay out of pocket, which could run thousands of dollars. Not only is it difficult to pay such high amounts in cash, but paying in full, upfront, in one lump sum, makes it even more difficult for the patient to feel confident in moving forward with medical care. When that happens, your practice fails to generate revenue, thus failing to scale and expand in a crowded, competitive marketplace.
But with financing through Fund My Contract, your medical practice can help more patients get the care they need and increase revenue by making the cost more affordable, with flexible options for reimbursement.
Whatever the specialty of your practice, whether it’s plastic surgery, hair transplants, or dental implants, Fund My Contract has innovative ways to give your patients access to financial solutions for getting the work done, even with less than excellent credit.
You can create financing programs that come with low monthly payments, flexible terms, promotional limited time interest rates, all of which give patients a range of options to turn prospective patients into loyal patients who come back for future procedures. Plastic surgery financing, hair transplant financing, dental financing, your elective medical practice builds out the programs that fit your business and the needs of your clientele, giving both the opportunity to succeed and thrive for the long-term.
As your patient trusts your medical expertise and knowledge, that same individual can now rest easier knowing he or she can choose how to pay for the work they need performed and avoid taking on significant financial hardship by breaking up a large upfront cost into a series of low monthly installments that are much easier to manage over time.
Scaling Faster, Growing Stronger, Putting Your Practice at a Competitive Advantage
There are many other medical practices in your area offering similar services and quality elective care to promote the health and well being of a wide range of patients. What makes your practice stand out above the rest isn’t necessarily the reason why a patient might choose your services over someone else’s.
Your patient care meets the highest quality standards and your prices are commensurate with the market rate in your region. Your practice remains in regulatory compliance at all times and you embrace new technologies that offer greater efficiency in performing more successful elective procedures. But if you don’t offer financing options that help make your services more affordable to the patients who need them most, you may very well lose a lot of business to the competition. Their services may fall short of the highest quality standards and their equipment might not be as efficient or technologically advanced, but the patient can afford those services because the medical practice provides financing options for easier payment plans and flexible reimbursement terms.
You’re leaving money on the table and your competitors are putting it into their medical practices to help them scale faster. They are generating the revenue that you should be receiving and when their businesses grow while yours remains stagnant, you won’t have to wonder why. The answer is simple – it’s the financing.
The Answer is Financing with Fund My Contract
Are you ready to improve the patient experience? Are you ready to generate more revenue without increasing your operational costs? Are you ready to increase surgical volume and enjoy the additional income that is part and parcel with that volume? Then it’s time to reach out to the financing experts at Fund My Contract.
Learn more about how the Fund My Contract membership can improve the fortunes of your medical practice by attracting new patients, retaining existing patients, and building the reputation of your business through giving your customer base what it wants. Make the cost of your services more affordable through financing options that allow your patients more time and freedom to pay while your medical practice receives the full amount of the bill due upfront, when services are rendered.
The time is now. Start scaling your medical practice faster with Fund My Contract. We have the tools and the know-how to accelerate the growth of your elective medical practice. Why wait to succeed? You can have the competitive advantage in your region and build a stronger foundation for the financial stability of your medical practice.
Your patients no longer have to wait to achieve their goals for health and wellness, neither does your practice. Fund My Contract is the answer.
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