August 27, 2014

The health of individuals and their family members is always the number one concern people have weighing on their minds. A very close second is the cost of keeping everyone healthy. Naturally, a patient’s main concern is the health of themselves or their loved ones. Sadly, due to the rising cost of healthcare and coverage, the amount a patient is willing to spend for healthcare is becoming an ever more prevalent factor in how a patient will receive care.

With the cost of higher co-pays and deductibles, patients are beginning to be selective about how often to visit doctors, and how to receive their medications. Making a sound financial decision over a sound health decision is becoming increasingly common. Fortunately, patient financing is becoming more available from hospitals and other healthcare providers, even the financing of high deductibles, and can often be the perfect option for patients putting cost above care.

Why Should Your Patients Use Financing For High Deductibles?

When a choice has to be made between paying down a high deductible, or paying a mortgage and buying groceries, most patients will choose the latter. While health is a priority to many, overall welfare (bills, rent, food, formula, diapers) usually takes precedence. For the patient who has a hard enough time meeting their premiums and paying their co-pays, paying down a substantial deductible can seem an insurmountable task. Many are choosing higher deductible insurance plans because they have a lower monthly premium, but when a primary care procedure is needed and a large out of pocket commitment from the patient is needed, the cost can be overwhelming. Patients with high deductibles would benefit from being able to finance their costs through a loan for high deductibles and paying for that high cost over time instead of entirely upfront. Any chronic illness they seek regular treatment for can become more affordable, instead of financially draining.

Why Should Providers Offer Financing For High Deductibles?

A healthcare provider’s main concern is always the health of the patient they work with. When a patient is choosing to forgo treatments, medications, and doctor visits, providers become frustrated at the inherent cost of the services they provide. When a provider can provide loans for deductibles they essentially cut out the middleman. A provider can then proceed to offer the treatments, medications, and services a patient needs, all without the looming dread of high costs overhead.

In addition to financing high deductibles, patient financing can also be used in a number of other services that often accept little or no insurance coverage. These include behavioral health and counseling, fertility and reproductive counseling, bariatric and weight-loss surgery, cosmetic and plastic surgery, dental surgery, and other options. Regardless of the patients needs, whether they are for immediate health issues or overall wellness, financing the cost of healthcare can be a tremendous help to those who need it.

With the ever-increasing cost of healthcare, patients need the help and support of their providers. Providers cannot only offer the health and wellbeing a patient needs, but can now offer the financial assistance to make that health a reality. In this way, providers are becoming increasingly in tune with not only the bodily health of their charges, but also their financial health as well.