Offering patient financing programs can alleviate procrastination while increasing patient satisfaction levels. Tara McLaughlin, surgical coordinator at JUVA Skin & Laser Center (www.juvaskin.com)—a New York City-based medspa and laser center—that has been offering patient financing programs since 2008, says that patients have expressed gratitude for having alternative payment options available. “Most patients really want to get procedures done, but with this economy they are afraid to spend the money,” she says. “Since we have an interest-free option, it’s a much easier decision for them.”
Coy points out that patient finance programs help practitioners capitalize on their marketing efforts. “Many providers market their services, bring patients into their practices and the patients walk out the door because they can’t afford the services offered,” she says. Thus, offering patient financing programs can be a huge competitive advantage.
JUVA offers financing to everyone who comes in for a consult, and it walks patients through the application process. “We have staff members available to help them apply online when they are in the office so they can take advantage of the interest-free financing while they’re here,” McLaughlin explains. “We also help them with credit line increases.”
Since financing is attractive to prospective patients, don’t hesitate to tout these services in your practice and in your marketing. Include information about patient financing on your website, in new patient welcome kits, and in direct mail pieces and enewsletters. Update the practice’s financial policy and patient payment agreement form to include financing as an option along with cash and credit cards. Patient financing information also can be displayed in practice areas used to discuss treatments and fees. Coy recommends offering finance options to all patients, “at least make them aware that options exist,” she says. “Providers that offer financing will close more business.”