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.