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Overcoming a patient’s financial barrier to care can be a consistent hurdle for healthcare providers. Patients want to benefit from elective procedures and need planned and preventative care. How can healthcare providers address both necessary and voluntary care for their patients? In today’s economic climate, providers are finding they can treat more patients if they can access financing options and programs.
In a recent podcast interview with Rectangle Health, Mike Peluso, Chief Technology Officer, noted, Making healthcare bills transparent gives the patient complete clarity on what to expect, when to expect it, and how much to pay in total. Patient financing programs and flexible payment plans benefit the patient and the provider. These options allow patients to receive timely care and the provider to perform more procedures, see more patients, and increase revenue in their practice.
Healthcare affordability is not possible for all patients, nor is it feasible to place all patients in a one-size-fits-all payment plan. Working with patients to determine the best financial option for them is part of compassionate care. Additionally, how the healthcare provider breaks down the bill impacts creates transparency and better understanding between patient and practitioner. “When we think about healthcare, we have to make these types of conversations part of the process,” said Mike Peluso. “We have to let patients know that financing is part of the process, that card on file is part of the process, that text-to-pay … is part of the process.”
Patients understand that healthcare is expensive and will always come with higher costs, but that does not stop them from seeking out these procedures. For example, patients understand the associated costs when they want to improve their smile. Still, they want that improved smile enough to go forward with the care, possibly without a payment strategy. Patients could use traditional methods (FSA, HSA, Medicare, insurance, or out-of-pocket) to pay for care; however, additional options are available today. At Rectangle Health, the is an alternative solution to provide patients with a payment option that alleviates financial stress.
Access to financial options benefits the provider and the patient. Practitioners can break down financial barriers for patients, and patients can access the treatments and services the provider offers. Practice Management Bridge® offers two types of patient financing solutions to give practices flexibility. The patient financing solution in Practice Management Bridge makes financing as simple as a few clicks. Third-party patient financing makes care affordable for patients without financial risk to your practice. Alternatively, patient financing provided through in-house payment plans keeps the payment relationship between your practice and your patients. With automated payment plans in Practice Management Bridge, collecting installment payments on schedule is easy. Payment plan management is as simple as “set it and forget it.”
On The Modern Practice Podcast, Michael Peluso shares how healthcare providers can knock down financial barriers to treatment using technology to allow patients to consume more care.
As a leader in patient technology solutions, we understand the friction points in your administrative processes that drain valuable time from each day. We’ve designed our innovative work and cash flow platform, Practice Management Bridge®, with ease and efficiency in mind.
By modernizing and simplifying practice operations, our system saves your staff time while helping you achieve faster payments, higher revenues, and improved patient satisfaction. Pre-authorized payments, Text to Pay, and online payments work seamlessly with your existing PMS/EMR and reduce or eliminate accounts receivable and the need for paper statements. Other features include digital registration forms, custom text messages, contactless payments, automated payment posting giving patients their preferred options, and streamlining workflows, resulting in an effortless user experience for both staff and patients.