In this day and age rarely a day goes by that Americans are not inundated with articles, radio and television reports, and even conversations at the grocery store about Healthcare. And while most everyone has an opinion and it is a pretty good guess that the debate will continue over rising costs, insurance coverages, covered programs, and governmental intervention the fact remains that many who need care are simply not being provided. Revolving credit is not new for many operations in the Healthcare industry. Offices may have one or more options including credit cards. But for a host of reasons the credit card, for many, may not be the desired way to pay for services rendered. There are some programs out there for the dental and medical fields, but the fact is that these programs are often restrictive and does not benefit the medical professional and / or their clients. Practices are losing valuable patients and revenues while their patients, in many cases, are neglecting the care or procedure they need.
Is there an answer? Yes, in many cases. There will always be some guidelines as to whom can attain credit and there should be parameters. Anyone who has been around for the past five years or so has seen the negative impact on our economy that is a by-product of not having boundaries in place for credit decisions. However, there are some new players out there with eyes on helping consumers, taking a “Refreshingly Different” approach and are working with medical and dental professionals to offer a wider array of financing that will benefit both the practice and the patient.
Recently, this growing problem of denials was studied within the industry. As mentioned there are a select number of medical care companies offering revolving services to patients. While these credit grantors are established in this special marketplace and engrained in the healthcare industry their turn down ratios are quite alarming. Recognizing the need to finance more persons in need while working in cooperation with the office just makes a lot of sense. This is the “caring” business and perhaps new alternatives to the ‘same old, same old’ is what is needed and who’s time has come. Office and Practice managers are very busy professionals, but if they are willing to look at new programs that are easy to use and offer support to help them on an ongoing basis, perhaps a better situation for the Practice and its patients can emerge.