The price of hearing aids can be a huge barrier for someone with hearing loss to get the help they need. If they are leery or can’t afford the cost, they may delay or even forfeit an appointment or the necessary treatment.
Offering a patient financing solution may help provide access to care for those with hearing loss and improve business outcomes due to higher close rates. As a bonus, financing can also play a role in your patient acquisition, loyalty, and advocacy strategy.
When a patient puts off purchasing a hearing device, they miss out on treatments that could significantly improve their quality of life. The ability to hear affects social, professional, and personal situations and, therefore, mental, emotional, and physical health.
Patients may also avoid seeing a doctor for hearing care altogether, reducing patient acquisition. And if they do come in for their initial appointment, discover the high cost of hearing aids, and choose not to return, it also reduces patient retention. Ultimately, overall satisfaction will be down.
As a result, you also lose out on revenue that keeps your practice running.
The optimal solution for removing the cost barrier for patients to get the assistance they need is to invest in a patient financing program. Most work like a credit card, where a patient can apply for a line of credit to cover out-of-pocket costs. Patients have a variety of options that cover different amounts in care costs for check-ups, tests, hearing devices, fittings, implants, and specialized treatments for conditions like tinnitus.
Patients using financing make monthly payments to their bill, but you still get paid in full within a few days. This helps with your practice’s cash flow and takes the pressure off both providers and patients to have uncomfortable financial conversations that can leave the relationship strained.
Knowing they don’t have to worry about covering hearing aid costs will give people with hearing loss the confidence to make an appointment and accept recommended treatment. It will also result in a more positive experience with your practice, boosting both loyalty and advocacy.
Whatever financing solution you choose, you can use the offering as a marketing tool. Promote it throughout your practice to appeal to new patients and keep existing patients coming back. Feature the program on your website, provide literature in your office and exam rooms, and educate employees on how to talk to patients about the financing options. Most importantly, talk openly with your patients about costs and financing to address their concerns upfront.
Costs should never prevent people from taking action that enhances their health and wellbeing. Support your patients and offer them better access to hearing treatment with financing.