Whether your practice revenue is derived primarily from elective care or insurance reimbursement, patient financing is a valuable tool to help providers and business leaders maximize revenues and give patients the level of care they really need.
At the GreenSky Patient Solutions™ Program1, we bring flexibility to providers who understand that improving patient outcomes in the new world means carefully weaving a strong clinical practice with a sound financial program. You understand that ignoring a patient’s pocketbook doesn’t help them accept treatment. In fact, it can greatly hinder it.
Together, we ask (and answer) the “million dollar” questions:
- Are you capturing every opportunity, or diluting your marketing investment by not fully leveraging financing?
- Or, can you leverage your finance program to boost revenue and enable patients to choose the optimal treatment plan they want, and you recommend?
Don’t Fear the Fee!
Most people think promotional financing is more costly than credit/debit cards, FSAs, HSAs and even cash. But, is it really? Consider this: How much does lack of cash, or a maxed out credit card, actually cost your practice if it causes the patient to choose something less than the optimal treatment plan? More importantly, what does it cost the patient? Remember, there’s a lot more than just money at stake here.
You spend tens of thousands of dollars honing your clinical and artistic skills and creating marketing programs so patients come to you, and then let many of them leave your office with nary a mention of financing. All because you’re afraid of the financing fees.
How financing can boost revenues
If I told you that I could help you grow your monthly revenue significantly if you just do one thing differently - and I’ll also help you incent some patients to use cash - would you take me up on that offer?
Of course you would.
The one thing you have to do differently? Starting today, offer financing to every patient.
Here’s how it works. With every treatment estimate you tell the patient, “We accept cash, check, or credit cards and we offer GreenSky patient financing so you can pay for your treatment over time.” You then lay out the following payment options:
- A Monthly Payment option using 6, 12, 18 or 24 Months Deferred Interest (no interest when paid in full)2
- A Monthly Payment option using 48 or 60 Monthly payments with a fixed Interest Rate 3
- A 5% cash discount option (credit cards are not cash)
Your patient can choose a monthly payment or the cash discount - not both. Then ask, “Which one of these options works best for you?”
What many of us in healthcare fail to realize is - whether it’s elective or insurance-based revenue - a bird in hand is always better than two in the bush. Promotional financing can be a major incentive for a patient to move forward with an elective procedure, or decide to pay their entire responsibility for a medically necessary procedure because they now have 6 or 12 months to pay off the deductible or OOP.
Treat financing like any other business expense
From a business perspective, financing fees are simply another factor in our overall variable cost structure. Therefore, they should be accounted for no differently than supplies and other hard costs that are used to calculate fees. On an annual basis, we should adjust for increases or decreases in the cost of financing as a percentage across my entire revenue stream – exactly the same as we do for other variable costs.
How can financing help you get to the next level?
First, understand that patients want control, crave easy and, most importantly, understand that financing can help them get the look, lifestyle or smile they want faster and with premium results. They will choose you over any other provider if you do three things: Help them understand the clinical aspects (safety, efficacy and outcomes), acknowledge and alleviate their fears, and solve their financial concerns.
1. GreenSky Patient Solutions™ Program is a program name for certain consumer credit plans extended by participating lenders to borrowers for the purchase of goods and/or services from participating merchants/providers. Participating lenders are federally insured, federal and state chartered financial institutions providing credit without regard to age, race, color, religion, national origin, gender or familial status. GreenSky, LLC and its wholly-owned subsidiaries, including GreenSky Patient Solutions, LLC, service the loans on behalf of participating lenders.
2. Subject to qualifying credit approval. Interest is billed during the promotional period but all interest is waived if the purchase amount is paid in full within the promotional period.
3. Subject to credit approval. Limited purchase window. Fixed Interest Rate for the term of the loan.