Knowing what a patient wants and needs from a financing program makes it easier for providers to launch a successful one. For providers interested in starting or changing their financing program, research suggests that the following attributes are key.
01. Appealing financial solutions:
For patients, appealing terms and monthly payments are critical factors in deciding whether to use financing. More than 4 in 10 patients (43 percent) chose to use financing because the payments fit their monthly budget. Additionally, many patients chose financing based on promotions, such as no interest for a period of time (80 percent), low introductory rate for a period of time (5 percent) and no down payment required (15 percent).
02. Online information and application options:
It’s becoming increasingly important for medical providers to offer information about their financing program online. Many patients —73 percent—search the Internet for information about a medical provider’s financing program, and 66 percent turn to medical providers’ websites for financing information. Additionally, the vast majority of patients (84 percent) would like to apply for patient financing online, before they even enter the practice.
03. Fast, convenient application and approval process:
Just as important as the application’s format is the approval process: among past and prospective financing patients, 63 percent consider instant approval to be extremely important to their patient experience. They also don’t want the hassle of filling out multiple applications. Among patients, 62 percent are more likely to consider multiple financing offers if they don’t have to fill out another application.
04. Transparency: What’s the interest rate for this service if financing is used?
If there’s a promotional rate, when does it end? What are the payment terms? Roughly 3 in 4 patients say clear, understandable terms and conditions are extremely important to them. Medical providers, then, must be able to provide straightforward information on their financing options and make sure their personnel are able to clearly explain how the finance solution being offered works.
