When you’re engaged in big business, it’s almost always better to employ equipment financing than it is to buy your top-level equipment outright. The former leaves you with a lot more capital and reduces your risk dramatically. This is truer in the medical field than in most others (save for construction, perhaps) because the cost of equipment is so considerable.
This is where healthcare financing comes into play. It is useful for not only medical equipment, but even more so for patient payment issues: having a third-party deal with the economics frees up the healthcare provider to foster a great doctor-patient relationship. More importantly, there cant be any delays in patients receiving care.
Healthcare Financing Provides Simplification
In the healthcare field, patient satisfaction is a huge marker for repeat business and word-of-mouth promotion. By reducing the complexity of the billing process with single-card or digital wallet options, your patients no longer have to keep track of multiple bills from different providers along the sales funnel of a single visit to the healthcare facility. Out of all the possible ways to rack up debt, the most prominent for the consumer is medical debt. Reducing the process helps assuage this issue greatly.
Healthcare Financing Promotes Upfront Billing
An extension of the above reason, patients consistently report that one of their biggest problems is receiving multiple bills, and being unsure of the exact amount they owe before the procedure or hospital visit. By having a single payment processor that exclusively handles the financial side, you can focus on what you do best: healthcare. Furthermore, your relationship with your patients becomes one of centered on their needs and your ability to provide that, instead of the often-uncomfortable billing issues that arise in facilities that don’t employ financing.
There are quite a few other benefits of healthcare financing, including efficiency in the billing process, the building of trust as a result of familiarity (now the patient knows what to expect from a visit before the bill is received in the mail), and learnability. To learn more about healthcare financing, contact 360 Commercial Capital today.