Patient Payment Challenges in the Elective Healthcare Market
How to increase affordability for elective healthcare procedures
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.