3 Reasons to Use Patient Financing Over Medical Credit Cards

Patient financing is the best way to pay for medical bills.

Surgeries and medical procedures are expensive, especially for patients who don’t have insurance. Uninsured people often choose to take out a line of credit or apply for a medical credit card because they think this is their only option. These schemes aren't a good idea in the long run, though, and your patients may end up worse off financially than they were before.

Next time a patient is unable to afford the care they need, tell them these 3 reasons to choose patient financing over pricey medical credit cards.

1 - Patients Won't Pay Hidden Fees or Penalties

Credit cards often seem too good to be true. Usually, that's because they are.

Hefty annual fees and surprise penalties crop up over time, forcing borrowers to pay more than they budgeted for. With all these extra charges, patients run the risk of under-paying or missing payments altogether.

Patient financing is different because patients don’t pay hidden fees and they aren’t penalized for prepayment.

2 - All Patients are Approved

When applying for new lines of credit, patients have to undergo a credit check. For those with bad credit history or none at all, a medical credit card is not an option.

Even those with average credit scores run a risk when applying for new lines of credit. That’s because hard credit checks lower credit scores, which is bad news for patients with scores in the yellow.

With patient financing, though, all patients are approved without the need for a credit check.

3 - Patient Financing Programs Have Better Rates

Ever signed up for a credit card that offered the choice of deferred interest? Then you understand your patient's pain when hit with back payments and staggering interest rates after the deferment period is up.

Patient financing programs have reasonable interest rates that don’t increase over time.

Epic River’s patient lending program is the best way to cover medical bills with no money. Patients won’t pay fees or penalties, there’s no credit check, and interest rates are fair and unchanging. Healthcare providers are taken care of, too, since you’re paid upfront and in full for your services.