Beyond Patient Financing: Making the
Most Out of Your Payment Options
It’s disappointing to lose a sale because a patient is unable to afford the care they need.
When it comes to more expensive medical devices and complex healthcare services, basic payment methods may not be sufficient for your patient to cover the out-of-pocket cost, leaving them with no option but to forego care.
Offering flexible payment and financing options opens up more possibilities for affordability and increases the number of patients that convert to buyers.
One way to ensure you are offering the widest range of payment possibilities is to check that you have the right technology in place during the checkout process.
- Do you offer a patient the ability to pay via credit card or PayPal?
- Do you have financing partners such as Affirm or CareCredit?
- Do you offer the ability to split the purchase over time using services such as SplitIt?
- Do you accept ACH payments?
If you answered yes to at least two of the above questions, your business is moving in the right direction. But if the product you’re selling has a high out-of-pocket cost, you may still be losing sales for patients who are unable to finance their purchase with any single payment method.
The next horizon in payment technology is the option to combine alternative payment methods on a single purchase. Doing this brings different pockets of value to bear in covering the high out-of-pocket cost of a device or procedure. Technologies like Feather Pay allow patients to mix and match their payment options (e.g., pay a partial amount upfront and finance the remaining amount on CareCredit). One of our clients a Fortune 500 healthcare organization, saw a 7% increase in revenue within 30 days of implementing Feather Pay associated directly with this type of transaction.
To take a look at how implementation might look and work for your business, feel free to set up a time with us today.