The patient financing industry is about to experience a period of growth.
According to IBIS World’s Patient Financing Industry US report, revenues have already increased by 3.3% annually since 2015. In 2019, the industry is projected to see an even larger rise in revenues due to an overall increase in patient volume and spending.
What threats and opportunities are there to the patient financing industry? What does the growth of industry revenues mean for healthcare providers? Read on to find out.
Uninsured Individuals
There will be more uninsured individuals this year than previous years since the mandate penalty has been eliminated and Medicaid work requirements have changed.
The greater number of uninsured individuals in 2019 presents a threat to patient financing because they will cause a decrease in both patient volume and spending.
Total Healthcare Spending
As patients spend more money on healthcare, they are more likely to take advantage of patient financing. When insurance only covers a fraction of costs, many seek patient financing to cover portions of their medical bills.
This presents an opportunity for medical financing companies since total healthcare expenditure is expected to rise in 2019.
What The Growth of Patient Financing Means for Healthcare Providers
For healthcare providers, the main takeaway here is that the success of providers and medical financing companies is intimately linked. When healthcare providers do well, so do the lenders who work with them.
With a rise in patient volume and spending, though, comes an increase in medical bills and anxiety about whether these bills will actually get paid. That’s where Epic River comes in for your healthcare facility.
With our lending program, rest assured knowing all patients are approved and healthcare providers are paid upfront and in full for their services.
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