Improve Patient Experience 3 Finance Solutions

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Consumer demand for elective healthcare continues to rise across the U.S. At the same time, inflation continues to drive up the cost of healthcare. For many patients, cost is the deciding factor whether they receive treatment or not. Providers looking to improve patient experience need solutions to help address this affordability crisis.

Traditional prime lenders decline as much as half of all consumers. When patients can’t qualify for the financing they need to pay for their treatment, your patient’s experience at your practice could be remembered poorly, creating negative clout for your business. 

In today’s post-pandemic “Buy Now, Pay Later” culture, growth-oriented providers need a way to offer pay-over time options for every patient and shift the treatment conversation from cost to affordability. And, they need a finance solution that allows them to  improve patient experience by not only treat more patients, but also maintaining their profitability.

Here are three finance solutions we see providers using to treat more patients and improve patient experience: 

Solution #1: In-House Financing

With In-house Financing, providers take matters into their own hands. They approve a patient for a payment plan, then take on all of the receivable’s risk and hire staff to collect on the payments. For decades, In-House Financing was the only alternative for providers who wanted to improve patient experience by expanding financing options but didn’t want to work with predatory subprime lenders.

The ProsThe Cons
  • More patients treated
  • Complete control of the patient experience
  • Maximize revenue from interest and fees – no discount rates
  • Difficult to collect payments
  • Very labor-intensive for the practice, taking energy away from treatment
  • Patients have to be declined before provider approves them

If you’re interested in offering In-House Financing, HFD can help you improve patient experience and internal management with our Cash Over Time, non-recourse product offering.

Solution #2: Lender Aggregator Platforms

Lender aggregators are platforms that have integrations with various lenders. When a practice utilizes a lender aggregator, they can leverage the strength of multiple lenders to increase approval rates while only requiring one application from their patients. Lender Aggregators are a proven way to increase patient approvals and improve patient experience, and HFD has partnerships with several aggregators to provide prime-lender turndown options. 

The ProsThe Cons
  • Great patient experience
  • One patient application across multiple lenders
  • Improved pricing for practices, due to competition between lenders
  • No white-labeling
  • Limited customization of the patient experience due to the fact that the aggregator needs to keep the flow agnostic to the lender
  • There still may be a need for in-house financing since some patients will still be declined

Solution #3: HFD to Improve Patient Experience

Providers want to approve more patients, but they also need more flexibility when it comes to their pricing and ability to preserve margins. Over the past 10 years, our team has seen how traditional bank-backed patient finance products bring rigid pricing constraints that make it very hard for growth-centric practices to both approve more patients and preserve their margins. 

So, how can providers maximize approval rates and improve patient experience while protecting their margins?

At HFD, we provide pay over time retail installment contracts for elective healthcare, backed by private capital markets. We’ve been doing Buy Now, Pay Later for more than a decade. Armed with nearly a million cases and years of performance data, our team serves as a bridge between providers and the private capital market. This allows us to offer a non-recourse finance solution that approves 100% of patients, while being tailored to providers’ financial objectives.

Here are a few of the benefits HFD’s patient finance product:
  • Work with HFD to create a custom finance offering or select from a suite of HFD’s existing programs and pricing options
  • Focus on treatment and patient experience, instead of worrying about administering an in-house financing program
  • Approve 100% of your patients, and shift the conversation from treatment cost to payment affordability
  • White-labeled experience. HFD’s platform can be customized with your logos, fonts and colors to create a branded for the practice
  • Fewer relationships, as providers don’t have to worry about managing multiple lending partnerships

At the end of the day, your patients need access to payment options that make their treatment affordable. HFD is here to help make sure you have a patient finance solution that enables you treat more patients, improve patient experience and achieve your growth objectives, on your terms.

To learn more, SCHEDULE A DEMO today.

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