Implementing Audiology Financing in Your Practice
According to the National Institute on Deafness and Other Communication Disorders, one in eight people in the United States aged 12 years or older has hearing loss in both ears. Furthermore, it is estimated that 28.8 million U.S. adults could benefit from using hearing aids. However, the cost of audiology services and hearing aids are one reason patients are reluctant to get hearing aids
Only 40% of Americans have a type of third-party payment to pay for hearing aids. Five states require insurance plans to cover hearing aids and hearing services. If the plan covers hearing devices, most only cover 85% of the cost every few years, but rarely cover the entire cost. Medicare does not cover the cost.
Cochlear implants can be more expensive than hearing aids with a cost as high as $45,000. These implants may or not be covered completely by insurance depending upon the plan. The cost of the hearing aid devices is often bundled with a hearing test, consultation, routine cleanings and adjustments, and a warranty. Third-party financing can be used by patients to cover all the bundled costs associated with hearing aids and for cochlear implants.
By utilizing financing options, patients can receive the audiology care they need and may start using their devices immediately.
What is Audiology Patient Financing?
Audiology financing enables a patient seeking audiology services and devices to access a line of credit or a loan to cover the costs of their treatment. Patient financing will reduce the upfront cost and allow the patient to pay in installments over a time period. Time Investment is committed to your patient’s experience. While plans are customized by the office, covered services may include audiology and hearing devices.
With the administrative burden of healthcare, the idea of more paperwork and more staff time seems overwhelming. Time Investment makes audiology financing simple, convenient, and quick for providers and their patients.
Is There a Demand in your Practice for Audiology Financing?
Only 20% of patients who need hearing devices purchase hearing aids due to cost. The price of hearing aids alone may cost between $1,000 to $6,000 for each device. The cost of the hearing aid device is determined by both technology and features. Your patients desire to hear about financing options. 77% of healthcare consumers say it’s important or very important they know their costs before treatment and 53% want to discuss financing options before care. However, only 18% of patients report their healthcare provider discussed financing options with them.
Audiology practices should strongly consider patient financing as it improves the customer satisfaction of the patients in your practice, allows you to retain more patients, and increases profitability. Splitting the cost up month by month softens the financial burden on patients. Patients benefit because they are able to have the necessary treatment and hearing aid devices immediately, and your practice receives immediate payment.
Audiology Financing for Patients
Audiology care may be delayed if the patient’s financial situation is not ideal. Patients will wait up to 10 years before they ask for a consultation. Many of your patients are on a fixed income and financing provides a solution for immediate care, but future re-payment.
If financing is not obtained through their audiologist, other patient financing options can be riskier. These payment options are less convenient than dependent third-party financing. If your patients use credit cards to pay for devices, they can expect high-interest rates which accrue monthly on a revolving credit line. Secured loans may require an asset as collateral if payments are not met. Loan amount, payment period, and credit approval processes are not tailored to the patient’s financial need. Repayment terms are not ideal and your patients may be penalized for early loan repayment.
Dependent, third-party financing options are the best option for many audiologists. The audiology practice partners with a third-party lender to negotiate the terms and conditions surrounding the offered services. This financing option allows practice flexibility and more repayment options for audiology services. Your practice will retain more of your patients when payment options are tailored to their financial needs.
Time Investment has been partnering to grow businesses and manage consumer payments for over 40 years. We would like to discuss a program with you if you feel this would be beneficial to your business.
Benefits of Using Third-Party Patient Financing
There are many benefits to implementing third-party financing in your practice. More of your patients will be able to afford recommended devices for a better quality of life!
- Accounts Receivable Your practice avoids the risk of having to assume the cost of patients who fail to make payments. You can offer treatments without having to track down patients for accounts receivable.
- Increase in Referrals- Word of mouth is the greatest source of patient referrals. As you retain a greater volume of patients, they are likely to spread the word about the practice’s services and financing options.
- Practice Differentiation- Set your practice apart from your competitors as few orthodontic practices offer this service.
- Patient Retention- Patients need to be captured in the office at the time of consultation TIC instantly approves patients so devices can be ordered same day. With a soft pull, approvals may be processed prior to the patient’s appointment. You are able to compete with online retailers and box chains for goods and services.
- Practice Profitability- more patients accepting recommended treatment plan can lead to increased profitability.
- Instant Payment- Your practice receives the patients’ payment instantly to improve your cash flow.
Why Time Investment for Audiology Financing?
Time Investment is a family-owned investment and loan business operating in Wisconsin. As our client, you should expect exceptional service in all business practices, and a modern system with #tools to grow your practice.
Time Investment has financed in excess of $775 million in loans across 250K businesses.
Tailored solutions are available for each patient depending upon their individual financial needs. Our approval process for loans is quick and efficient. Additionally, our approval rates exceed other lending companies and our credit approval is instantaneous.
We make helping patients and growing your practice easy.
A partnership with Time Investment can increase the profitability of your practice and the satisfaction of your patients. Complete our contact form for more information on the implementation of financing options in your audiology practice.