PayThink

Financing will take the spotlight as health care payment costs rise

Register now

As health care costs continue to rise, patients are forced to reevaluate their need for care against what’s in their budget. Access to life-changing treatment is too often limited by income, quality of insurance or cash flow – and the pandemic has amplified this disparity in so many ways. Whether facing something as severe as unemployment or just the unpredictability of the economy, it’s vital for people to have options to get the care they need without being limited by cost.

According to the Centers for Disease Control and Prevention, 14% of the population (or ~45 million Americans, per the 2018 Census) struggle to pay medical bills.

That’s where health care loans come in, and can ultimately make a big difference in a patient’s life. Health care loan options are not only reshaping how consumers pay for treatments and procedures, but also making health care costs more manageable.

Just as consumers have previously financed homes and cars, they can now finance their medical expenses through their provider of choice, while paying in small, affordable increments over time. In contrast to paying with a high-interest credit card, tailored loan options include a fixed interest rate, no down payment and zero origination fees.

The start of the pandemic last spring brought procedures like fertility treatments, dental cleanings, and orthopedic surgeries to a screeching halt as hospital resources were focused solely on treating a mass influx of COVID-19 patients.

However, over the past few months, as the country has slowly opened back up, people are moving forward with care – getting the health care procedures they need and taking advantage of the lending options that best suit them.

We’ve recently seen substantial jumps in dentistry, audiology, and elective care. While some may have been comfortable delaying these procedures, many people simply can’t put off the care they need to stay healthy. In addition to making health care procedures more affordable and accessible, personal lending has made the financing process simple and straightforward, with a consumer-driven, Amazon-like checkout experience.

Today, those seeking a loan can go through the entire process online – from pre-qualifying in 60 seconds with no credit impact, to viewing a variety of loan options, to choosing the right option for them. This type of quick, easy experience is what consumers have come to expect.

Despite all the advancements, many consumers aren’t aware health care loans are an option. Educating them is a benefit to both patients and health care providers. Medical professionals can treat more patients, and consumers can more easily afford and pay for the procedures they need and want.

Patients shouldn’t have to choose between their health and their wallet – not when there are simple, transparent solutions available. Trusted lending sources can help them obtain the care they need when they need it without breaking the bank. It’s truly a new age in health care, made better by lending solutions that meet consumers where they are in every economic climate.

For reprint and licensing requests for this article, click here.
Healthcare industry Payment processing Lending Merchant
MORE FROM PAYMENTSSOURCE