Katie Ziemba, surgical patient coordinator for the office of Steven H. Dayan, MD in Chicago (www.drdayan.com), says it’s important for practitioners to work with a company that doesn’t charge providers or patients large fees or high interest rates. And she cautions, “Ask about hidden fees.”
McLaughlin concurs. “You really have to be selective with the fees associated with interest-free plans, the customer service level and also the approval process. The company we use (CareCredit) makes it easy for us and especially the customer.”
When looking for a patient financing company to partner with, it’s important to ask if the company provides onsite training for your staff at no additional charge; how long the training period will last; and what information is offered. Training components should include: how to present plan details, terms and disclosures; patient privacy; and fraud prevention. Key personnel should be able to inform patients about how the financing program works, including the credit terms to which they are agreeing, and their payment responsibilities.
The ideal financing company will offer a variety of loans, including low interest rate loans and discounts for prompt payment. Every program is structured differently, so it’s important to learn about each company’s features before committing. Ask for specifics on the cost to patients and the cost to your practice. Determine if the credit arrangement is revolving or term—once a revolving line of credit has been partially or completely repaid, the patient can use the available line for additional transactions. Term programs are for specific procedures.
Convenience and ease of use are part of any successful program. It’s important to find out how much time it takes for the patient to apply and how long it takes to be approved or denied. Addiitonally, patients should be offered a variety of payment options including pay-by-web, pay-by-phone, credit card, check and automatic payment plans.
Don’t hesitate to ask for references. Obtain a list of clients who provide similar services and inquire about their experience with the finance company. Be sure to ask about acceptance rates. The vendor should be able to qualify patients with large or small balances, as well as patients with less than perfect credit scores.


Chelan David is a Kansas City-based freelance writer. Contact him at chdavid10@hotmail.com.