In this episode, we unpack a quiet revenue killer—and the simple solution that could change everything.

When patients walk away from care because of the cost, your practice loses more than a payment—it loses trust, loyalty, and future appointments. But what if there was a way to flip the script?

We dive into how patient financing—especially through solutions like BillFlash FlexPay—can turn hesitation into confidence, and cost concerns into completed care. From upfront transparency to same-day provider payments and no hard credit checks, this episode explores how the right tools can make care more accessible and your practice more profitable.

Want to know the one offering that could boost collections, increase treatment acceptance, and keep patients coming back? Tune in now to find out.Tune in to this episode now!

Transcript

Narrator: 00:00

Welcome to the Billing Blueprint Podcast, your go to resource for innovative medical billing solutions. Each episode we explore the latest industry trends and share proven strategies to help your practice streamline operations and get paid faster. Now here are your hosts, Brad and Sarah.

Brad: 00:21

 Okay, let's face it, right?

Sarah: 00:23

 Yeah.

Brad: 00:23

 I mean, even with good health insurance, those medical bills, they can be scary.

Sarah: 00:27

 Yeah.

Brad: 00:28

 Like you open that envelope and you suddenly think twice about everything. That unexpected cost can really throw you for a loop.

Sarah: 00:35

 It's something a lot of people struggle with. And that's actually what we're going to dig into today.

Brad: 00:39

 Yeah.

Sarah: 00:39

 We're looking at how offering financing options for medical procedures, you know, it can really help patients when it comes to those costs. But there are some interesting effects from medical practices themselves too. Not just the patient, but the practice.

Brad: 00:54

 Absolutely. And the interesting thing is we've been going through this article from Bill Flash. It's titled how to boost your practice's revenue by offering financing for medical procedures. But they also have a system called flex pay, which we're going to really look at to see how this works. Like in the real world. Yeah, in a real medical practice.

Sarah: 01:12

 Exactly. So today we really want to break this down. We want to look at the advantages for both sides, you know, for the patient, for the provider, how it all works. And also some things a practice really needs to think about if they're considering this.

Brad: 01:26

 Okay. So one of the first things that struck me was when the article really pointed out how big of an issue financial worries are. Like, that's one of the main reasons people actually avoid medical care altogether.

Sarah: 01:40

 Yeah. I mean, treatment is expensive.

Brad: 01:42

 Yeah.

Sarah: 01:42

 And it can be a huge burden even if you have insurance. The article brings this up. You know, you can have, you know, what seems like decent coverage, but you still end up with these out of pocket costs that you weren't expecting. Expecting deductibles, co pays, coinsurance, and it can really make people think twice about getting the care they need.

Brad: 01:59

 Exactly. Yeah. And the article is really putting patient financing forward as a way to kind of lessen that worry, to make treatments, you know, even elective procedures feel a bit more doable financially. Right.

Sarah: 02:11

 Because it breaks it down. Instead of a one big payment.

Brad: 02:13

 Yeah.

Sarah: 02:14

 It turns into these smaller payments that you spread out over time. And just that alone can, you know, make something that seemed out of reach feel much more possible.

Brad: 02:23

 Right. Okay, so let's switch gears a little bit and look at this from the practices perspective. Right.

Sarah: 02:28

 Yeah.

Brad: 02:28

 It's gotta be good for them too. I mean, you know, it has to make sense for the business. The article mentions how offering financing can bring in more patients. How does that actually work?

Sarah: 02:38

 Well, put yourself in the patient's shoes. If a practice is upfront about offering financing, it kind of says, we get it. Cost is a worry, and we want to work with you.

Brad: 02:48

 Yeah.

Sarah: 02:48

 That builds trust. Right. Someone who might have thought that practice was too expensive, now they might reconsider because they know they have options.

Brad: 02:55

 Right.

Sarah: 02:56

 And then, you know, good experiences lead to good word of mouth. Right. People tell their friends.

Brad: 03:00

 Yeah, exactly. It's almost like the practice is saying, you know, we get it. We know about your financial reality. The article also talked about case acceptance rates. Can you explain what that is and how financing affects that?

Sarah: 03:12

 Sure. So think about it. A patient goes in, they get a diagnosis, they're told what the treatment should be, and then, you know, bam, the costs. Without financing, that can be a big stop sign. Right. They might put it off, try something else, or even, you know, not do anything at all. But if the practice can say right there, here's a payment plan you can manage, it's not such a big deal anymore. They're more likely to say yes to the treatment because it fits their budget. It's taking away that moment of, I don't know what to do.

Brad: 03:42

 Right. And that's where this gets interesting, because obviously, if more people are saying yes to treatments, that's got to be good for the practice's finances. The article really makes a direct link between those higher acceptance rates and more revenue.

Sarah: 03:55

 Absolutely. If you have more patients getting the care they need, that means more revenue. These are procedures that might have been put off forever. So the practice is not only helping people get healthy, but their own finances are healthier too.

Brad: 04:08

 Yeah. Makes total sense. And then there's this other point. Improving collections, which I hadn't thought about. How does financing help a practice get paid?

Sarah: 04:16

 Oh, it's huge. It's way better than sending out a bill and hoping for the best. We all know how that goes.

Brad: 04:20

 Yeah, right.

Sarah: 04:21

 You know, late payments, partial payments, but sometimes nothing at all. With financing, the payment is already set up. You know what's coming in. It's a much smoother process. Less chasing after money.

Brad: 04:32

 It's like it takes the stress out of it for both sides, Right, Exactly. Okay, so we've seen how it helps the practice. Now let's talk about the patient. What's in it for them?

Sarah: 04:41

 Yeah. The biggest thing is access. It really comes down to that. Financing just makes healthcare more affordable. More people can get those treatments they need essential or elective that they might have had to skip because of the cost. It's like opening up a door that was closed before.

Brad: 04:57

 Yeah. And I can imagine the relief for people knowing they don't have to wait for a big bill in the mail. That could be so stressful.

Sarah: 05:05

 Absolutely. If you know the costs upfront and you have options, you can actually budget. It takes away that fear of, what if I can't pay this? You can focus on getting better, not on the money.

Brad: 05:16

 Yeah. And that peace of mind is priceless. The article also talks about, you know, patients being more satisfied and loyal. It makes sense, right? If a practice helps you with the money part, you're going to feel better about them overall.

Sarah: 05:29

 Yeah. When you feel supported, not just medically, but financially too, it just creates a better experience. You're more likely to go back to that practice and tell your friends about them. Them. And the article points this out. Satisfied patients, they tend to stick to their treatment plans better, which is obviously good for their health.

Brad: 05:47

 That's really interesting. And these days, with so many choices for healthcare, how does offering financing help a practice stand out?

Sarah: 05:55

 Well, it's simple. If you have two practices, both good, but one offers financing and the other doesn't, which one are you going to choose?

Brad: 06:01

 Right.

Sarah: 06:02

 It's a big plus, you know, especially when cost is such a worry for.

Brad: 06:06

 People, it becomes a deciding factor. Okay, so let's say a practice hears this and they think, okay, we're sold. This makes sense. What are the actual steps they need to take to make this work, to offer financing to their patients?

Sarah: 06:19

 Well, the first step is picking the right partner. And you want to take your time with this. Yeah. You need to look at the interest rates for patients, any fees for the practice, how flexible the payment plans are, how easy is it for patients to apply? Is this partner reliable? Do they have a good reputation? And really important, will their system work with the practice's current software? You don't want a system that makes things more complicated.

Brad: 06:44

 Right. You don't want to create more work for yourself. Absolutely. So you've got the partner. What's next?

Sarah: 06:49

 Training everybody on the team, front desk assistants, even the doctors, they all need to know how this financing works.

Brad: 06:57

 Right.

Sarah: 06:58

 They need to be able to explain it clearly to patients, answer any questions they have. The article talks about having training sessions, having resources for staff, even, like, sample scripts. You know, so everyone's on. On the same page.

Brad: 07:09

 Yeah. So it's not just one person, it's like a team approach.

Sarah: 07:12

 Exactly. It's Got to be consistent.

Brad: 07:14

 The article also mentioned updating. Like the stuff you give to patients?

Sarah: 07:18

 Yeah, like the forms, the website. Anything you give someone before an appointment, it should all mention that financing is available. That way they know about it from the start, it can ease some worries, you know, before they even step foot in the office.

Brad: 07:32

 Yeah. And just having the program isn't enough. Right? You got to tell people about it. The article emphasizes actually marketing it. Right.

Sarah: 07:38

 You got to get the word out there. The practice needs to be active. Use their website, social media, email, even signs in the office. The message should always be, this makes healthcare more affordable.

Brad: 07:50

 Yeah. And I guess it's an ongoing thing, right? It's not just a one time announcement.

Sarah: 07:54

 Exactly. And speaking of ongoing, the article really stresses the importance of keeping track of how things are going. You know, looking at the data to see if it's working.

Brad: 08:02

 Right. So what kind of information should a practice be paying attention to?

Sarah: 08:06

 Well, things like how many people are applying for financing, how many are getting approved, are more people saying yes to procedures, what's the average amount people are financing, how much revenue is coming from this? And really important are people actually making their payments. The good news is a lot of these financing platforms have tools to help track all of this. So the practice can really see what's working, what's not, and adjust things as they go.

Brad: 08:31

 Makes sense. Okay, so obviously we're talking about money, which means legal stuff, regulations, what's the best way to do this?

Sarah: 08:38

 Right, well, the biggest thing is being open and honest with patients. They need to understand everything about the financing agreement. You know, the total cost, the interest rates, any fees, what happens if they miss a payment? Transparency builds trust.

Brad: 08:52

 Yeah.

Sarah: 08:52

 The process for applying and getting approved should be fair for everyone. And obviously keeping patient data safe, following all those hyper rules is absolutely essential.

Brad: 09:02

 Absolutely. Okay, so now let's get into the specifics of Bill Flash Flexpay, because this is a real world example. What do they highlight as the big benefits?

Sarah: 09:11

 Well, they really push the idea that Flexpay makes payments easier for everyone, the patient and the provider. For the provider, the great thing is they get paid fast. Like the very next business day after the patient's financing is approved.

Brad: 09:26

 Oh, wow. So no waiting around for weeks or months for that payment to come in.

Sarah: 09:29

 Exactly.

Brad: 09:30

 So what about the patient? What's good about Flexpay for them?

Sarah: 09:33

 So for patients it's all about breaking down that big cost into smaller chunks. Monthly payments that are easier to handle. They even have a three month interest free option if you qualify which is a pretty good deal.

Brad: 09:47

 Yeah.

Sarah: 09:48

 And applying is super easy. 30 seconds online, no hard credit check.

Brad: 09:53

 No hard credit check. That's interesting. What does that mean for the patient?

Sarah: 09:56

 Well, usually when you have a hard credit check, it can ding your credit score a bit, at least temporarily.

Brad: 10:02

 Right.

Sarah: 10:03

 So with Flex Pay, they're making it less scary to apply. You don't have to worry about your credit score taking a hit right away. And they say 90% of people get approved. So it sounds like they're looking at more than just your credit score when they make a decision.

Brad: 10:14

 The article gives this example. You know, someone gets hit with a $3,500 bill. Totally unexpected. How could Flex Pay help in that situation?

Sarah: 10:22

 Oh, it's perfect for that. Imagine that $3,500 you weren't expecting. The article points out that you financing you might have to put off a procedure, maybe rack up some credit card debt, try and pay it off.

Brad: 10:34

 Yeah, or get a loan with a high interest rate.

Sarah: 10:36

 Exactly. But with Flex Pay right there at the doctor's office, you fill out the application online, they review it often, instantly. And if you're approved, you can pick a payment plan that fits your budget. You can breathe a sigh of relief knowing you can get the care you need without going broke. And the practice, they get paid right away. It's a win win.

Brad: 10:57

 Yeah, absolutely. It's a much smoother process for both sides. The article ends with little note about credit reporting and the lender, what's important to remember about that.

Sarah: 11:07

 So, yeah, the application itself might not involve a hard credit check, but once you have an account with Flexpay and start making payments that will get reported to a credit bureau. And the lender behind Flexpay is Transportation alliance bank, you know, also known as Tay Bank. They're the ones who decide who gets approved and what the terms are. So even though it's an easy application process, it's still a real financial agreement, you know?

Brad: 11:30

 Right. So overall, from what we've learned today, offering patient financing like this Flex Pay system from Bill Flash, it seems like a really good solution to a very real problem. You know, how do people afford healthcare?

Sarah: 11:43

 Yeah, it really does address that core issue. And for practices, it can be good for their bottom line. Bring in more patients, keep things running smoothly. But in the end, it's really about making HealthC more accessible and creating a better experience for everyone.

Brad: 11:55

 Absolutely. So here's something to think about. You know, with all this talk about how much health care costs these days, would having these financing options actually change how you approach getting care, would you be more likely to get something done? Maybe something you've been putting off because of the cost? It's worth considering how this kind of flexibility could actually change how you access healthcare.

Narrator: 12:19

Thanks for tuning into the Billing Blueprint podcast. For more insights or to dive deeper dive deeper into today's topics. Head over to billflash.com. Don't forget to subscribe and we'll catch you next week with more strategies to keep your practice running smoothly and getting paid faster

Sources:

How to Boost Your Practice’s Revenue by Offering Financing for Medical Procedures