Patient Financing Evaluation
Patients are taking on greater financial responsibility for their healthcare costs, and as a result, healthcare providers are looking for patient financing support. From streamlining administrative processes to providing steady cash flow – healthcare providers continue to partner with industry experts for assistance with managing long-term payment plan arrangements.
In today’s third-party RCM solutions industry, there are a variety of patient financing programs available for healthcare providers and patients. However, healthcare providers should carefully evaluate and select a financing partner whose program offerings align with its mission:
Does the organization wish to offer patients a uniform program that is accessible to all patients?
Does the organization want the same repayment experience for all patients?
Does the organization want to maintain control over bad debt collection activities in the event the patient defaults on their payment arrangement?
All these questions are fundamental when evaluating a patient financing program and can impact outcomes such as patient experience, patient loyalty, and healthcare equity.
Conventional third-party patient financing programs come in two forms, recourse and non-recourse. While recourse programs promote program continuity and equal access for all patients, non-recourse programs are often associated with stringent and variable selection criteria that unfortunately limit patient accessibility.
Download our article on the forms of patient financing offerings to learn more about each program type to learn what is best for your organization!