How to present patient financing programs to patients
Do you have patients who struggle to pay for the medical care they need? If so, you’re not alone. Last year, a survey found that 54% of Americans put off the medical care they needed because they couldn’t afford it. The most common medical care we put off are dental work (55%), eye care (43%), and annual exams (30%).
As a medical practitioner, you know the real consequence. Problems don’t go away or get better on their own. In fact, they usually get worse and more expensive to treat.
A great way to help patients get the care they need (when they need it) is to present them with a financing program. Many physicians are partnering with financial companies, like SuperMoney, to connect patients with loans.
But once you have a financing program in place, how can you get the word out?
8 ways to present patient financing programs to patients
Here are 8 ways you can inform your patients about a patient financing program so they can make the right decision for their situation.
1. Include your financing options in your educational and marketing materials
When clients come into the office, it’s a great opportunity to inform them about their financing options.
Make sure you include your financing program in existing booklets, flyers, or brochures. Give each person one as they check-in, check-out, or during their appointment.
2. Direct mail advertising
You can also reach out to your patients outside the office, as some may be avoiding a visit due to financial constraints. Use the printed materials from above and send them out by mail to your patient list. This will help to cast a wider net.
3. Social media ads and messaging
Nowadays, social media is a key channel to reach new and existing customers. Craft posts on platforms (such as Facebook and Twitter) which explain the financing program and how it can help your patients.
Include the posts in your larger social media marketing strategy. Remember it’s best to post a mix of promotional and informative content.
4. Email marketing
Email marketing is a great way to engage your patients and strengthen your relationships with them. If you’re not already sending out monthly newsletters or email drip campaigns, you should consider it.
If you are, include the financing opportunities within your regular emails. Ensure your patients know they have the option.
Here’s an example of the lending options you could offer your clients without having to negotiate terms with a single lender.
5. Print advertisements in your waiting room
Patients are open to new information when waiting for their appointment because they have nothing to do but wait. Typically, they’ll look around the office, check their phone, watch tv, read the materials on the coffee table, etc.
Take advantage of the situation by advertising your financing program in your waiting room. Here are a few ideas:
- Create a video introducing the program and have it play on the tv periodically.
- Strategically place printed promotional materials.
- Have an audio advertisement occasionally play over the radio.
6. Train receptionists
Your receptionists are often the first and last ones to speak with patients. Train them on the financing programs and how they work.
It’s also a good idea to discuss positioning so they can effectively communicate the benefits to patients. Your receptionists can make the difference between a client making their next appointment or not.
7. Promote it on your website
Your website is prime real estate, so make sure you include your financing options on it. The program should be on each page somewhere whether in a pop-up banner, a sidebar, the main text, or at the bottom of the page. If you join SuperMoney’s medical financing platform, we will create a branded landing page you can share with your patients.
8. In-person recommendations from physician
Lastly, don’t forget to mention the financing program while interacting with patients.
It’s good to inform them, but don’t overly promote or push it. Your responsibility is to provide medical advice, not financial advice, and there is a fine line between the two.
However, financing may be what they need to take your medical advice, so it’s good to let them know the option exists.
Implement an effective patient financing solution with SuperMoney
In a time when medical care can come with high out-of-pocket costs, patient financing programs provide the solution many people need.
Further, the right program can help relieve cash flow problems within your office due to late or non-payments. Get your program in place and use these eight tactics to get the word out there!
If you’re looking for a patient financing program that’s easy, seamless, and free, check out SuperMoney’s medical financing solution! Patients can get approved for financing in minutes with loans up to $100k and lenders that cater to a wide range of credit scores.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.