Patient Payment Plan
Medical providers can immediately increase their revenues with a new service that allows them to deduct monthly payments quickly, automatically and directly from their patients' checking accounts.
This approach allows you to maintain a policy of payment at the time of service. What it does, however, is allows the patient to commit to a payment schedule that is automated and is a fraction of the cost of high interest rate credit cards or payment services. If you have your patients commit to a 20% or more interest rate credit card yes you will get paid up front but will your patients return? Not if they pay all their income in interest. Our services allow you to be paid while limiting their finance fees to a fraction of those other high-interest methods.
The Problem: Collecting Money from Patients
Even with insurance claims a significant portion of a doctor's income comes directly from their patients. The problem is that many of these patients do not have the money to pay for treatment right away. This immediately forces doctors to either extend credit to patients or refuse to treat them. By extending credit the doctor takes the personal risk that the patient will never pay, which added up over time can total tens of thousands of dollars in potential profits each year. By turning new clients away they slow the growth of their practices and deny the potential revenue boost. It is a no-win situation: either turn away business and lose money, or accept business when they know there is a good chance they will not get paid and lose money.
It is a well known fact that not every patient visit is covered 100% by insurance. Now realize that statistics show 31% of Americans do not carry any health insurance at all. These patients have no other option but to pay for medical treatment out of their pocket. Statistics have proven on average that doctors only collect 49% of the money their patients owe them. What if doctors were guaranteed they could collect 98% of the money they were owed?
How Bad Is This Problem For You?
Every situation is different and may be better or worse than the national average. Even if just 15% of a doctor's patients do not pay, that represents a large amount of money each year. The important part is this: that 15% represents lost profits. Doctors often do not consider how much money they are leaving on the table by using their current methods to handle this situation.
The Solution: The Patient Payment Plan™
Finally, there is a solution to this problem. The Patient Payment Plan™ (PPP) is revolutionizing the way doctors across the country collect money from their patients. It allows them to collect a significantly higher portion of the money that they have already earned, in most cases 98% of that money. All of this can be done without alienating or harassing patients, and without burdensome overhead expenses. In fact, the PPP has no ongoing expense or cost to the doctor. Now patients have the ability to make affordable monthly payments without the need to apply for credit or go through a lengthy approval process. These payments are then automatically taken out of their bank account each month until their bill is paid.
Extremely Easy To Implement Into Your Practice
Here is how it works. A doctor presents an explanation flyer provided by us to the patient explaining the PPP. The patient literally takes less than a minute to fill out and sign a simple one page agreement. This agreement allows the doctor to draft the patient's bank account for a specific amount with a service fee added each month until the bill is paid. The doctor then forwards that agreement to our office. Our proprietary software package allows us to print checks on behalf of the doctor's patients on the same day every month and deliver them to their office for immediate deposit. It is that simple. There is no invoicing to handle, no waiting for checks to be mailed in, no embarrassing follow-up calls for staff members to make requiring them to badger or threaten patients for money. No mess. No fuss. Doctors just get their money on time for a change.
Still Have Questions?
Read more in our Patient Payment Plan™ FAQ