Healthcare providers want to be able to provide treatment for all their patients. However, they must ensure that they are fully compensated for those services, to cover operational costs, pay staff, and ensure their businesses continue to thrive and grow. Unfortunately, some patients do not have the insurance, cash, or credit available to cover the healthcare services they need. This means the providers lose patients and fail on their goal to service everyone, and the patient faces health risks they cannot afford to address.
Around 50% of patients that apply for medical loans are denied. If they are approved by a lender, that lender is keeping the interest revenue. Healthcare providers don’t want to be in the business of lending to their clients because they do not have the time or resources to service those loans. If they are allowing their clients to make payments, those clients frequently default, and the provider loses money.
Healthcare Finance Direct is not a lender, and we are not a billing company. We simply partner with you, empowering you to become the lender to the patients you serve, and earn the interest, without the headaches of servicing the loan or collecting payments. HFD takes care of it all, from the underwriting process for loan approvals, to collecting the payments and interest, to keeping you compliant with state and federal lending laws; and it doesn’t cost you a dime, because the patients’ interest covers the cost.
HFD has the process down to a science, with a sophisticated underwriting process of algorithms that determine a patient’s ability to pay, so accurate we have a history of collecting the full principal on up to 93% of the hundreds of thousands of accounts we serve. Your patients sign an installment agreement, make payments through auto-debits, and monitor their own accounts through a customer portal offering full transparency of payment schedules, deductions, and balances. In the rare instance that a patient’s account cannot be auto-debited, HFD has an expert collections strategy. There is no loss to your organization for empowering your patient to pay for your services through Healthcare Finance Direct, it is a win for you and for your patients.