Medical Articles & News

How Healthcare Providers Can Offer Financial Solutions to Their Patients

August 31, 2022 by Christopher Wolfington

Doctor showing patient how healthcare providers can offer financial solutions to their patients

Healthcare costs, and paying for them, pose obstacles for patients and for providers alike. Patient financial engagement is a frustrating, opaque process for the average American. Transparency and education – and a willingness to discuss financial responsibility before treatment begins – lead to greater patient financial responsibility and patient satisfaction.

So why don't more healthcare providers provide financial solutions for patients? One reason is that many healthcare providers are simply not aware of the various payment options available to their patients. Traditional methods like insurance and co-pays are well-known, but many non-traditional solutions are also available.

For example, FinPay offers a fully automated payment solution that can be integrated into a provider's workflow, making it easy and convenient for both patients and providers. 

What Are Some Other Approaches to Paying for Healthcare in America?

Other approaches to paying for healthcare in America exist outside of the expected insurance, co-pays, or private pay options. Some of these are transparent and easy to understand. However, others are not as well known, are difficult to understand and access, or have specific requirements.

Some of these approaches include:

  • Healthcare sharing ministries: These are membership-based organizations that share members' medical expenses. While they are not insurance, they can offer affordable ways to access healthcare services.
  • Government health programs: These include Medicaid, Medicare, and the Children's Health Insurance Program (CHIP).
  • Healthcare Flexible Spending Accounts (HFSA): These are accounts that use pre-tax dollars to pay for out-of-pocket medical expenses.
  • Health Savings Accounts (HSA): An HSA is a pre-tax account used to pay for qualified medical expenses. However, unlike an FSA, an HSA can be used to save for future healthcare expenses.
  • Personal loans: While not ideal, personal loans can be used to pay for unexpected medical expenses.
  • Medical crowdfunding: This is a popular approach that involves reaching Crowdfunding: Patients can turn to crowdfunding platforms like GoFundMe to raise money for their medical expenses.
  • Medical tourism: Some patients choose to travel abroad for cheaper, more affordable healthcare.

Overall, there are many different ways to manage the financial aspects of healthcare, and it is up to providers to be knowledgeable about the options available to their patients. With the right tools and resources, providers can offer financial solutions that work for everyone involved.

FinPay Offers Financial Solutions for Patients

FinPay is committed to solving the affordability crisis in healthcare by enhancing the patient financial experience through pre-care engagement, expanding healthcare financial literacy, advocating for cost transparency, and offering affordable payment options, all while restoring consumer trust in the American healthcare system.

FinPay combines powerful performance with thoughtful design to deliver an experience that eliminates the complexities of the patient's financial journey. Our simple-to-use platform offers a variety of automated payment programs that give patients more ways to pay and leads to better outcomes for everyone.

At FinPay, we recognize that healthcare expenses can financially burden any household. That is why we work with your provider to offer multiple payment alternatives to match every individual's unique situation.

  • Single Payments: Checks, Credit Cards, and HSA (Health Savings Accounts)
  • Automated Installment Plans

Reach Out to FinPay – Solutions to Paying for Healthcare

In the ever-changing field of behavioral healthcare, one thing remains constant: patient financial engagement matters. If a patient feels confused or surprised by medical costs, they are less inclined to seek future medical care and manage their patient financial responsibility. FinPay offers automated solutions that integrate seamlessly with healthcare providers' revenue systems. Contact us today at info@finpay.com for a technology demonstration that will transform how you engage with your patients.

 

Email us at info@finpay.com for more information about affordable financial solutions for patients.

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Christopher Wolfington, Chairman and CEO of FinPay, LLC, is a business leader and entrepreneur with over 29 years of experience in consumer and financial services. Mr. Wolfington is currently living in Philadelphia, PA and continues to use his entrepreneurial talent to identify key opportunities and solutions in high growth markets.