In an era of evaporating deposits, community banks find themselves at a pivotal crossroads. As the dust has settled from a tumultuous first half of this year, financial institutions are looking to learn from others' mistakes. Bank boards have taken action to improve interest rate resiliency and leadership teams have identified areas ripe for efficiency improvement but the area still in dire need of innovation is deposit account identification and capture. This begs the question: Are community banks tapping into the right customer base? Is there an opportunity to solve a market problem that could, in turn, solve one of banking's biggest problems?
So what your financial institution needs is more deposits. What the healthcare providers in your market need is to collect from more patients. You can help each other but you have to take the first step. In recent years, the rising cost of healthcare has become a prevalent concern for individuals, families, healthcare providers, and entire communities. The financial burden faced by patients often leads to delayed or non-payment, negatively impacting not only the patient’s financial well being but also the economic stability of healthcare systems. It is essential, therefore, to make healthcare payments more reasonable for patients, as it not only benefits their financial circumstances but also contributes to the overall financial soundness of healthcare providers and the communities you serve.
Attainable healthcare can lead to increased utilization rates and, subsequently, greater revenue for healthcare providers. When patients can afford care, they are more likely to visit healthcare facilities for routine check-ups, screenings, and early interventions. This increased demand for services benefits providers by ensuring a steady flow of patients and revenue.
When your bank is a part of the stabilization and growth of a business, that business is much more likely to expand the partnership with your financial institution. Conversely, if you sit on the sideline while these problems are solved you run the risk of missing the opportunity to grow the business and your community.
A proper patient loan offering for the healthcare providers in your market will generate a new deposit relationship, generate dozens of consumer relationships, and serve the healthcare provider’s needs today; all while putting you into the best possible position to become their primary banking partner in the future.
Or you can wait to see if someone else solves their problem.
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