How Flexible Payment Options Can Decrease Delays In Care

Flexible payment options enhance patient engagement, case acceptance, and access to healthcare — with 47% of patients noting they’d be less likely to delay treatment if their healthcare provider offered BNPL options.

In recent years, the retail industry has transformed dramatically. Innovations in the checkout process, including flexible payment plans, such as Buy Now, Pay Later (BNPL) options, and mobile payments, which allow for seamless transactions, have set a new standard for financial transactions, making it easier for people to manage their expenses without immediate financial strain.

Despite these advancements and rising patient expectations, healthcare providers have been slow to adopt flexible payment solutions. Many providers still rely on outdated methods like mailed invoices. Patients may delay necessary care due to rigid payment requirements, leading to worse health outcomes and higher long-term costs, while practices face delayed payments and fewer patients.

A recent study commissioned by Weave underscores the urgent need for healthcare providers to adopt digital payment workflows to meet patient expectations and improve access to care.

Key Findings from the Survey

Our recent survey of 1,000 U.S. consumers, conducted by Dynata and commissioned by Weave, revealed compelling insights into the state of healthcare payments and patient expectations.

Consumers Are Accustomed to Flexible Payment Options

Consumers have grown used to flexible payment solutions, such as payment plans and BNPL. The survey highlighted that:

• Flexible Payment Preferences: 35% of patients would prefer healthcare providers that offer flexible payment plans.
• Digital Payment Expectations: 65% of patients are more likely to choose a provider that offers digital payment options.
• Current Offerings: Despite this interest, only 12% of patients said their healthcare providers offer BNPL, and 21% reported their providers offer installment agreements.

The Gap in Healthcare Payment Options

Despite patient interest, more than half (51%) of respondents said their healthcare providers do not offer any flexible payment options, including BNPL, payment plans, or third-party lending. This gap in offerings highlights a missed opportunity for healthcare providers to meet patient needs and expectations.

Advantages of Practices Offering Flexible Payment Options

Practices that adopt flexible payment solutions can significantly improve patient engagement and attract more patients. The survey revealed:

• Patient Attraction: More than 3 in 5 consumers (65%) would be more likely to choose one provider over another if they offered more flexible payment options. This figure is even higher among Gen Z (80%) and Millennials (76%).
• Patient Retention: Almost 1 in 4 (24%) consumers have used BNPL options for treatment in the past, and this figure is even higher among younger generations, with 47% of Gen Z and 34% of Millennials having leveraged BNPL for healthcare expenses.
• Reduced Delays in Treatment: Almost half (47%) of patients said they’d be less likely to delay treatment if their healthcare provider offered BNPL options.

Offering flexible payment options not only meets patient needs but also provides a competitive advantage for healthcare practices looking to attract and retain more patients.

The Risks of Delaying Medical Care

Delaying medical care can have serious consequences for patient health and the success of healthcare practices. When patients delay treatment, it can lead to the progression of chronic conditions, complications in care, worsening pain, and general health decline. 

For instance, untreated dental issues can escalate into severe infections and systemic health problems. In vision care, delaying the treatment of eye conditions can result in permanent vision loss. Chronic conditions like diabetes and hypertension can become life-threatening without timely intervention. Similarly, delaying care for acute symptoms can lead to emergencies that require more extensive and expensive treatments.

Timely medical treatment is essential for maintaining health, preventing the progression of diseases, and reducing the need for more complex and costly medical interventions. Healthcare providers must prioritize removing barriers to ensure patients receive the necessary care without delay. By offering flexible payment options such as payment plans, BNPL, and financing, healthcare providers can make it easier for patients to manage their healthcare expenses and ensure they receive timely care.

Weave’s Payment Solutions

At Weave, we understand the need for seamless, flexible payment solutions in healthcare. Our suite of payment tools is designed to meet the needs of both providers and patients:

• Weave Payments: Our all-in-one payment platform allows you to process payments quickly and securely, whether in-office or online.
• Text to Pay: Send payment requests directly to your patients’ phones, allowing them to pay conveniently via text message.
• Payment Plans: Offer flexible payment plans to help patients manage their healthcare costs over time.
• Buy Now, Pay over time: Give patients the option to finance their care and pay over time without the burden of immediate, large out-of-pocket expenses.
• And so much more… See all of Weave’s payment and billing solutions here.

Real-World Impact

Traditional payment methods like checks or in-office payments are becoming obsolete. Patients expect the convenience of digital payments, just as they do in other aspects of their lives. Here’s how digital payments can transform your practice:

• Convenience: Patients can pay their bills in any way they want, from anywhere, at any time.
• Speed: Digital transactions are faster and more efficient than traditional methods.
• Security: Digital payments offer enhanced security features that protect patient information.

Cercek Dental used Weave’s payment solutions to set itself apart for its patients. By replacing traditional billing with Weave Payments, Cercek Dental has not only streamlined its payment processes but also significantly improved patient satisfaction. With over $100,000 collected through text payments in less than a year, they’ve demonstrated the tangible benefits of adopting flexible payment options.

Read about their full experience in our Case Study.

See How Weave is Changing the Game for More Than Just Payments

Incorporating flexible, digital payment solutions is no longer optional for healthcare providers; it’s a necessity. By adopting these solutions, you can enhance patient satisfaction, improve access to care, and streamline your payment processes. Weave is here to help you navigate this transition with our comprehensive suite of payment tools.

Don’t let financial barriers prevent your patients from receiving the care they need. Embrace flexible payment options and transform your practice today. Activate your front desk’s newest superpower today by logging into your Weave Payment Settings and validating your CareCredit Merchant ID (MID). Connect your accounts in seconds to start seamlessly collecting CareCredit payments without ever leaving Weave.

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