Healthcare Payments, Patient Experience
02. 22. 23
Conversations surrounding finances can sometimes be awkward and challenging, but finding solutions to a patient’s financial hurdles through discussions can be very rewarding. When healthcare providers help patients better understand their obligations and provide them with options that fit their budgets, these patients can often improve their levels of care. These discussions can result in patients having more control over their options while allowing providers to stand out among other practices.
“Patients need care,” said Rectangle Health Chief Technology Officer Mike Peluso in a recent podcast. “But I think what people overlook is that providers want to deliver care. The idea of being able to afford that care gets overlooked. What we try to do is eliminate barriers to care.”
Rectangle Health offers patient financing as a solution to third-party patient financing for all types of healthcare, including dentistry, veterinary, and other practices. CNPL empowers patients by helping them afford the care they deserve regardless of their credit score or financial situation.
Decades ago, healthcare providers may have been wary about discussing finances, regardless of the type of practice. That stance has changed significantly in recent years as cost-sharing requirements and deductibles continue to rise. Some examples of the discussions surrounding these topics might include lack of insurance coverage, unavailability of a flexible spending account (FSA) or a health savings account (HSA), or limited cash savings.
Initiating conversations about financial responsibility is critical for managing expectations, receiving payments on time, and improving the patient experience at each treatment level in all practice types, including veterinary facilities. Starting the conversations early in treatment gives patients the tools they need to fulfill their financial obligations promptly.
“What Rectangle Health is trying to do is facilitate more ways outside of that,” said Peluso. “When we think about some of our ways, like patient financing, or even paying at the point of care with a discount, it allows those patients to consume the care.”
Several tips for conducting these discussions include:
When having these financial conversations with patients, the primary elements should be asking the right questions, listening to the patient’s concerns, and ensuring the patient is part of the decision-making process. Implementing these strategies can improve the relationship between the provider and patient while helping individuals receive the care they deserve.
Rectangle Health is a leading healthcare technology company that provides practices with innovative tools to streamline patient payments, maximize payment processing, and optimize practice management. Contact a team member today to learn more about patient financing and other solutions Rectangle Health offers.
* The patient financing program provides nearly 100% approval. Applicants determined to be in Open Bankruptcy, Fraud Alert or on the Terrorist Watch List during the application process will be declined. Patients covered by government payor programs for a procedure are not eligible for financing of that procedure. Government-payer programs include Medicare, Medicaid, the State Children’s Health Insurance Program (SCHIP), the Department of Defense TRICARE and TRICARE for Life programs (DOD TRICARE), the Veterans Health Administration (VHA) program, and the Indian Health Service (IHS) program.