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There is no shortage of bad debt in the medical sector these days. With 20% of consumers claiming to have unpaid medical debt, your physical therapy practice might be feeling a little injured. Your practice won't be the only thing in need of rehab though, more and more patients are delaying care because they are worried about the cost. This is creating more emergency room traffic and causing more serious injuries in patients. We're thinking a great solution to this increasing problem could be the use of payment plans!
The use of recurring payments in a physical therapy practice means ease of payment for patients and security in getting paid for providers. By setting up scheduled payments, providers avoid the anxiety of not receiving a payment. A large statement sent to a patient could be daunting and can often lead to avoidance by the patient. Setting up recurring payments also helps practices avoid using collection agencies for unpaid bills, which can cost the provider up to 50% of the debt owed.
In house financing allows your patients to avoid putting large medical bills on their credit cards and rack up interest. Your practice would be able to keep patient payment information on file and debit the scheduled payments straight from the patient's account. This sounds like a win-win for both you and your patients!
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I'm busy working on my blog posts. Watch this space!