Even where the value of making a secondary offer is compelling, medical practitioners and service providers have been concerned about the time needed to fill out a second application. This can result in a delay, extra effort and the risk of having the patient change his/her mind.
Technology Innovators Offer Some Relief
Until recently, secondary financing was kept to the margins for medical practitioners and service providers. However, the development of technology platforms that manage multiple applications following a single input of patient details are helping to resolve many of the challenges that have dissuaded practitioners in the past.
The best solutions on the market fully take over the management of relationships with credit providers, allowing medical providers to offer their patients a single application process that presents the best option from a range of lenders. This process can be seamless for both the patient and the provider, with no duplication of effort or additional administrative burden. It can also be achieved through a secure cloud-based service that minimizes the time and cost of IT adaptation or renewal, as well as staff training.
Medical Providers understand the role of patient financing in winning new patients and increasing services provided. However, the difficulty of working with multiple providers, and conservative lending practices of primary providers, has prevented many sectors of the industry from taking full advantage of the potential opportunity.