The biggest obstacle that prevents patients from purchasing the hearing aids they need is the associated cost. While hearing aids are potentially life-changing devices, they can cost as much as $6,000. Just five states require insurance companies to fully or partially cover hearing aids, meaning most patients will have to pay out of pocket.
Luckily, there are many financing options for hearing aids. Even patients that have been denied by traditional credit-based lenders can find a way to get the treatment they need. Companies like HFD allow you to treat more patients by offering different methods of financing.
The following tips will help your practice accept more patients and spend less time on collections. As a result, you’ll be able to help many more patients and improve your bottom line.
Educate Yourself on the Options For Your Practice
There are a few different lending options available to your audiology practice. You should carefully research and understand the pros and cons of each partner that you consider in order to see if it will work for your needs. This is a crucial first step to take before picking a lending partner.
Familiarize yourself with each lander’s rates and compare the cost with the quality of their service. Is it easy for you to ask simple support questions in a timely manner? If one of your patients has a question, how quickly can they get a representative on the phone to talk through the situation?
Once you’ve researched your options and have a greater understanding of the strengths and weaknesses of each intuition, you can decide which choice works best for the needs of your practice and patients.
Learn How to Get Patients Approved Fast & Provide an Easy-to-Use Solution
A successful audiology practice needs a well-trained staff so doctors can focus their attention on the patients and their treatment. Your staff should be able to quickly and independently fill out digital applications so patients can get approval on the spot. The office staff should be handling financing applications, not the doctors.
Your patients are more likely to sign up for financing if the process isn’t a headache. Technological improvements have made processing applications easier than ever. Ease of use for the staff and patients should be an important factor in your decision. The use of tablets, mobile devices, or online applications is helping patient conversions. Another factor to consider is the ease of payment such as office training processes and patient onboarding processes.
Offer Diverse Financing Options to Your Patients
Not all patients value the same financing options. Consumers are increasingly becoming accustomed to a variety of financing choices for expensive purchases. The auto industry is a good example because buying a car is an expensive endeavor. As a result, the auto industry has developed different payment methods to cover their customer needs.
The most financially savvy patients want to avoid plans with high-interest rates and demand a diverse range of financing options. When you provide patients with different options, they feel in control of choosing a plan they’re comfortable with.
Layout all the financing options to your patients when discussing the recommended treatment. Make sure they know what options are available. Instead of telling them the hearing aid they need is $3,200, explaining that options can make payments as low as $XX a month.
Familiarize Yourself with Fees and Penalty Rates
Health care professionals should look out for their patients in all aspects of care. Sometimes patients who’ve been offered a no-interest or same-as-cash plan default or don’t pay the full amount back in time. This results in high fees for the borrower that are paid to the lender, adding further financial strain for your patients.
Avoid plans with high fees that kick in when patients fail to pay within the allotted time period. Lenders with hefty retroactive fees don’t benefit your practice financially, make patients frustrated, and reflect poorly on your practice. The fees and penalty rates of the lender you choose should be reasonably comparable to others.
It’s also important to understand how lenders charge your practice for using their services. Choose a lending partner that won’t charge you too much for their services.
Investigate Approval Rates
The point of hiring a financing partner for your audiology practice is to bring in more clients. You should always ask lenders for detailed reports on their approval rates before using their services, as well as asking for occasional reports to spot check performance.
Some financing options are credit-based and it’s difficult for patients to get approved, especially those with a low credit score or no credit. Flexible financing options like those offered by HFD can help you treat patients that slip through the cracks of traditional financing.