When it comes to relieving the burden of patient responsibility, promise-to-pay programs just don’t work. Yet many providers still offer these 0% interest repayment plans as a solution for patients who can’t afford the cost of care. And they’re surprised when patient satisfaction plummets.
If only there were a better patient financing solution-- a solution that didn’t destroy the trust you’ve built with your patients. Luckily, banks and their partner vendors are responding to this problem with a patient financing solution that actually works.
Want to know why we think third-party lending programs and the banks that offer them are a healthcare provider’s ideal solution to patient debt? Keep reading for our top 3 reasons.
1. Banks are Expert Payments Network Integrators
Since the healthcare industry is experiencing an increase in self-pay, providers are searching for tools to accept payments easier and faster. And if there’s one thing banks know about, it’s payments. What better institution to partner with than banks, which have provided payment services to other industries for decades.
2. Banks Have the Financing Experience
With the rise in patient responsibility has also come an increase in unpaid debts. But sending patients to collections takes a blow to the patient experience, decreasing trust and even loyalty. Some hospitals have responded by implementing their own in-house financing systems.
But many providers are seeing greater success from leveraging a bank’s experience and expertise. While providers care for patients, the bank takes care of the financing. That way, each party gets to focus on what they do best.
3. Banks Know which Innovative IT Companies to Partner With
Healthcare IT has historically been an underserved market and much of that comes from the challenges of a multi-payer system. Now innovative technology vendors and banks are working together to customize products just for providers. Products that help providers do their job faster, cheaper, and better.
Let Us Take Care of Patient Financing So You Don’t Have To
Have you been searching for an alternative to your promise-to-pay program? Epic River’s patient financing is the solution you need to eliminate patient debt while maintaining patient satisfaction. Get in touch with us to learn more about our patient lending program and find out how you can start offloading the medical loan process to our partner banks.