For many ASCs, even the most prosperous times come with issues surrounding patient payments and revenue cycles, specifically patient responsibility. As the economy has dipped, and patients’ incomes and healthcare benefits have followed, surgery centers are at a higher risk for feeling the impacts of dwindling procedure counts. In order to ensure ASCs get paid for the essential procedures they perform, and give patients an affordable way to pay for the care they need, offering financing is absolutely critical.
Three ways offering a patient financing solution can help your business
- Capture More Revenue
- Create Affordability
- Increase Patient Satisfaction
A quality patient financing solution doesn’t just assist patients, it benefits surgery centers. By accelerating patient responsibility revenue, ASCs can plan around specific levels of cash flow based on procedure schedules. Being able to rely on guaranteed income will help your revenue cycle stay healthy and your center operate with less financial strain.
Today, patients are responsible for about 30% of medical procedure costs, and these out-of-pocket expenses are only expected to rise. Offering a touchless financing option that patients can complete at home, on their own time, reduces stress and elevates their experience with your center all while creating greater affordability. Especially during times of economic turmoil, easing the financial burden for patients can help your surgery center foster a more reliable revenue cycle.
Providing a first-class experience is about more than the premium service you provide each patient while they’re in your care. Eliminating stress and uncertainty around payment helps patients feel more comfortable, and increases the chances that they will follow through with their procedure. Offering a hassle-free way for patients to get the care they need will also increase the likelihood that they return to your center for future procedures or recommend you to someone else. Additionally, maintaining high satisfaction scores from patients translates to greater procedure coverage by insurers. This minimizes patient responsibility and also increases guaranteed revenue for your center. Overall, a positive patient experience translates to a better outcome for your business.
Offering a financing solution for patients is a way to introduce stability, reliability, and relief to your ASC and your patients. You can secure more of the receivables that you have earned in order to maintain cash flow, while streamlining your patient responsibility collection process. Help patients have a better experience and improve your bottom line without the hassle of handling financing in-house. Learn more about how a patient financing solution can benefit your surgery center, by clicking here.