Patient Payment Challenges in the Elective Healthcare Market
How healthcare is changing the patient payment experience
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Elective healthcare providers offer treatments and services that may not be fully covered by insurance, if at all.
Some examples of these procedures include: LASIK surgeries, liposuction, dental veneers, orthodontic braces, rhinoplasty, etc. By definition, these treatments are chosen by the patient rather than urgently necessary for a medical purpose. Because of that, the burden of the out-of-pocket cost is placed totally on the patient's wallet.
If a patient is unable to afford their desired treatment or procedure,
the alternative is simply foregoing care.
To help more patients afford treatment and better finance their procedures, Feather Pay offers a mix of financial tools to create custom payment plans unique to an individual's own financial situation. This payment plan is solidified before or on surgery/treatment date, automating future payments as opposed to issuing retroactive invoices, which is a common practice seen today. Setting up payments and financing at the time of surgery reduces delinquent payments, mitigates risk for the provider, and helps capture revenue upfront.
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