Medical lending comes in many forms. From practice loans to medical school debt financing, banks recognize the value of partnering with the healthcare industry. And they’re responding to your biggest problems with a robust portfolio of loan services.
With the surprise medical bill crisis, decreasing rates of insured individuals, and soaring out-of-pocket expenses due to HDHPs, the need to offer patients better ways to pay is more important than ever. It’s no wonder then that patient loan services are growing more popular.
Yet medical loans aren’t just good for patients—they’re good for providers, too. If you aren’t currently thinking about offering medical loan services at your practice, you should be. Here are our top 5 reasons why.
1. Receive Upfront Reimbursement
With medical lending, providers are reimbursed upfront and in full for services rendered. Compare this to waiting up to two years for reimbursement and you’ll understand why so many providers are scrambling to offer patient loan services.
2. Approve All Patients
Patient loans are low-interest, unsecured, and available without a credit check. That means all patients are approved regardless of creditworthiness. You can rest assured knowing you’re offering patients a viable and financially healthy alternative to going into debt.
3. Improve Patient Satisfaction
Offering different ways to pay improves patient satisfaction during an episode of care. According to Becker’s, patients rate their satisfaction higher because medical loans:
- Reduce stress about financials
- Provide alternatives to picky traditional healthcare lenders
- Offer transparency into out-of-pocket costs before the bill arrives
4. Reduce Provider Burnout
Physicians, nurses, and other healthcare employees are burnt out. From stress about getting paid to ever-increasing clerical duties, medical lending services allow you to offload paperwork responsibilities to the loan provider.
5. Leave Debt Collection to the Experts
Paperwork isn’t the only thing providers are doing too much of these days. 79% of physicians say they spend too much time playing debt collector with patients who just can’t afford to pay.
But with medical lending, the experts take care of the debt collection so you can get back to what you do best.
Ready to learn more about Epic River’s patient lending program? Get in touch to speak with one of our experts and find out how medical lending can change the patient—and the provider—experience.