How Flexible Payment Options Can Improve Your Practice’s Revenue

flexible payment options

As a top medical billing company in Florida, PracticeForces highlights how flexible payment options offer your patients a way to overcome their financial concerns while helping you grow your practice’s revenue.  

The rise of high deductible healthcare plans, increasing out-of-pocket costs, and the growing number of uninsured Americans paint a picture of tough times in the healthcare industry. Patients across the country, even those with good credit or health coverage, struggle to afford care.  

 

Benefits of Flexible Payment Solutions  

Versatile payment plans allow patients to pay their medical bills with manageable payments. As a result, patients can seek care without worrying about paying a lump sum beforehand.  

These varied payment arrangements give patients peace of mind, helping prevent the delay or avoidance of necessary visits. 

As a medical practice, flexible payment options reduce the time you spend collecting payments while improving patient satisfaction levels. Your staff can focus on the purpose of your practice — providing care — rather than finances. As a result, your practice benefits from improved cash flow.  

 

Flexible Payment Options  

The most common diverse payment alternatives include:  

 

Third-Party Financing  

In this type of arrangement, a third-party provider offers financing, like how retail stores offer credit cards. Since the third party handles the complexities of financing, you, the provider, focus on patient care.  

Patients typically pay a monthly fee that relieves their financial burden. Most third-party patient financing arrangements feature relaxed or nonexistent credit score requirements and low-interest payments.

 

Installment Plans  

Like third-party financing, installment plans allow the patient to spread out costs and pay their balance at regular intervals until they clear the entire bill. Rather than the third party handling the finances, the healthcare provider typically manages the installment plans.  

Installment plans give you more control over the finances, but you also take on the risk of collecting payments.  

 

Recurring Payment Plans  

With recurring payment plans, patients make regular, fixed payments with no specific end date. This payment option works well when paying for long-term care, expensive specialist services, or ongoing treatment. Like installment plans, you typically manage this type of plan in-house.  

In today’s digital economy, you want to make payments more convenient for all. Consider taking advantage of some form of online payment service, like a patient portal or an app.  

 

The Bottom Line  

In essence, tailored payment flexibility ensures timely payments and creates a consistent income stream for your practice. These customizable payment solutions make it easier for patients to budget for treatment costs.  

Offering adaptable payment choices to patients can also help attract and retain patients.   

 

Hire PracticeForces To Improve the Financial Health of Your Practice  

When you need an expert to streamline your medical billing and collection activities, look no further than PracticeForces. We have a competent crew well versed in working with various software platforms. 

Call us at (727) 499-0355 to get a free quote for high-quality and affordable medical billing and collection services in Florida and beyond. Feel free to reach out for more information about flexible payment options

Parul Garg, CEO and co-founder of PracticeForces, has significantly contributed to the growth of over 1,000 U.S. medical practices through her expertise in medical billing and coding since the company’s inception in 2003. With a background in Computer Science and an MBA in Human Resources, her leadership and AAPC-certified coding skills have been pivotal in managing the company’s operations effectively.

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