There’s been a growing trend in recent years of medical professionals seeking out patient lending solutions. This approach typically involves a partnership between the medical practice and lender, who work together to provide patient loans with agreeable terms. Central Bank offers healthcare practice solutions through a partnership with Epic River, and we find that such agreements offer benefits to patient and practice alike.
On the patient’s side of things, they have guaranteed access to non-predatory loan options in the event that unexpected medical issues throw them a financial curveball. (Did you know 55% of patient responsibility is not covered by healthcare providers?) This cushion allows them to take care of medical needs then and there, potentially sidestepping more serious conditions that could stem from leaving issues unchecked. At the same time, they can breathe easier knowing their patient loan carries low interest, little risk and payments on their terms. Put simply, it allows them to maintain focus on what’s most important — their own health and wellness.
For medical practices, patient lending solutions provide a means of ensuring quicker payment and improved cashflow without added fees. And that keeps both bookkeepers and bottom lines happy. Perhaps even more importantly, patient lending solutions provide yet another way for practices to look out for those in their care. After all, most medical professionals are in their line of work because they want to help others. Ensuring quality patient care while also helping them sidestep financial troubles is one of the best ways to do just that.
If you own or work for a medical practice interested in incorporating patient lending solutions to your offerings, there are a few things you should consider when finding the right partner:
Financial Burdens for Your Practice: Does your potential partner charge enrollment fees to get you started with their program — or to get new patients signed up? Your healthcare practice solutions approach shouldn’t cost you money.
Patient Qualifications: Do patients have to reach a certain threshold of financial need in order to qualify? Do certain illnesses or pre-existing conditions exclude patients from being able to apply? Look for a program that guarantees patients access to the financial assistance they need to get well.
Patient Loan Terms: Once patients are enrolled in your healthcare practice solutions program, will they be able to afford their loan’s terms? Remember, your practice chose to go this route as a way to ease patient burden. Ask about interest rates, fees (both upfront and hidden), payment agreements and related issues to ensure you aren’t opening your patients up to additional obstacles.
Unforeseen medical issues can lead to headaches and financial strain for both patients and the medical professionals who care for them. Finding the right patient lending solutions for your practice can help. If you’re interested in learning more about what Central Bank has to offer, visit our webpage or contact our team. We are here, and we’re happy to assist.