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Patient Acquisition Financing – Is Your Practice Leaving Money on the Table?

As a business owner or practice manager, you have many issues to consider. One of the most important is patient acquisition financing. If you fail to provide patient financing, you will lose patients and the lifetime revenue they could add to your practice. The question you must answer for your business is if you are willing to lose patients, based on how profitable those patients could be. In short, patient financing helps create an incrementally profitable business. Without financing, these are dollars your business will never see. So while it may not be as profitable as your normal run-rate business, it is profitable over the long-term, especially when paired with effective marketing.
"When content One of the most important is patient acquisition financing. If you fail to provide patient financing, you will lose patients and the lifetime revenue they could add to your practice."

Patient Acquisition Financing Analysis
If you choose to not provide patient financing, consider what you may be giving up. In most cases, giving up a small portion of your service fee in return for thousands of dollars in lifetime patient value is a sensible choice for elective healthcare practices. Of course, you should run your own numbers to ensure it makes sense in your specific situation. However, as a general rule, this almost always makes sense for businesses looking to grow.

Educating Patients on Financing Options
In order for patient financing to be successful, you will need to do more than simply hand out a flyer at the end of a consultation. You and your team should be prepared to educate your patients up-front, at the time of scheduling, about the availability of financing options. At the end of your consultation, you should reintroduce the topic, discover if that patient is a candidate for financing and determine if they are interested.

By continuously presenting patient financing as an option, you will be sure to present a clear understanding to potential patients and reduce the chance for losing out on money, as a result of patients seeking financing at another practice.

If your elective healthcare business is interested in experiencing substantial growth, financing should be a topic of discussion at multiple stages of the patient acquisition process. Begin the process of incorporating patient financing today and be prepared to see your practice expand.