vendor, you want to ask questions
that will get you the type of infor-
mation you need — such as, What
is the average credit limit for
patients at [insert the specialty at
your facility]?
3. Fees.
Arguably the most diffi-
cult part of selecting a patient
financing option centers on fees.
"It's a balancing act," says Ms.
Thomas. "You want to offer the
best possible deal for the patient
and the practice, and it's tough
finding that middle ground." What
makes this even more challenging
is the variability. Facilities can pay
anywhere from a 1.9% fee on the
low end to as much as 14.9% on
the high end, depending on the type of plan (duration of promotion
or loan) and the medical specialty.
The transaction fee rises along with the length of the loan.
Generally, the longer the payment term, the higher the transaction
fee with which you'll be charged. It's tempting to want to offer your
patients as many choices as possible (12-, 18- and 24-month
deferred-interest promotions), but beware: The more options you
offer, the more likely it is one of these options will carry unfavorable
fees for you.
"I could offer a 24-month deferred interest promotion for a credit
card with a $2,000 credit line that charges an 8.5% facility fee, but
A U G U S T 2 0 1 9 • O U T PA T I E N T S U R G E R Y. N E T • 7 1
• BY THE BOOK The patient financing company you select
should provide your staff with a word-for-word script on the
best ways to introduce a financing option to patients.
