In today’s insurance environment, many patients face healthcare plans with high deductibles. This leaves patients hesitant to move forward with recommended care because of higher out-of-pocket costs. In an effort to help patients move forward, some practices are willing to extend in-house payment plans and to take on the responsibility and risk of collections. But this process can increase overhead, consume staff time, decrease cash flow, and result in increased accounts receivable.
A product used successfully in other healthcare fields can help with this – the CareCredit healthcare credit card. It can benefit both the patient and the practice. By offering patients special financing options*, CareCredit can easily help patients fit the cost of care into their budget and lifestyle – enabling more patients to proceed with needed urologic treatments and procedures. For 25 years CareCredit has been serving the healthcare community. It is accepted at 180,000+ practices and used by over 7 million patients nationwide in orthopedics, plastic surgery, podiatry, dermatology, ophthalmology, and dentistry. Patients and their families can continue to use this line of credit for a variety of their healthcare needs.
The practice benefits as well. Not only are you able to treat more patients but the practice receives payment in 2 business days (regardless if the patient delays or defaults). This can increase cash flow and decrease the time, energy and money invested in chasing your accounts receivable.
In a recent survey of Urology practices enrolled with CareCredit, the most important attributes of CareCredit were: 1) Satisfies patient demand for a payment plan 2) Improves cash flow 3) Reduces accounts receivable 4) Eliminates the difficultly of collecting delinquent accounts and 5) Increases acceptance of treatment or care1. The majority of enrolled Urologists polled also said they would recommend CareCredit to their peers.1
Although many patients may be facing higher insurance deductibles and self-pay portions, adding patient financing as a payment option can help ease their financial burden and allows you and your staff more time to focus on practice building activities and providing excellent patient care.
*Subject to credit approval. Minimum monthly payments required. See carecredit.com for details. CareCredit – GE Capital now Synchrony Aug ’14
1. August 2014 CareCredit Urology Survey conducted by Inquire Research
