5 Easy Ways You Can Turn On Your Fertility Financing Options
Rising healthcare costs can make it difficult for patients to achieve their dreams of starting a family. With the average cost of in vitro fertilization at around $11,000 per treatment, patients can easily run up bills in the tens of thousands. The CDC reports that 12% of women ages 15 to 44 experience trouble with fertility. This includes trouble conceiving as well as trouble carrying to viability. For many of these women, successful pregnancy may seem far out of reach financially.
However, with fertility financing, your practice can help these patients reach their goal of starting a family today. Not only can fertility financing change the lives of your patients, but working with a fertility financing provider can help your practice save time and provide a better patient experience overall.
Patients benefit from having fertility financing options in a number of ways. Maternity and post-natal care are often considered essential and therefore covered under health insurance policies. Unfortunately, the same can’t be said for fertility treatments. Some states have laws that require fertility treatment coverage by insurance, but many do not. Associated costs of fertility treatments, such as medications and injections, are also often not covered by a patient’s insurance plan.
Depending on where you practice, your patients can be looking at steep out of pocket medical costs. “Overall, we spent around $63,000 on IVF. We went through some savings, a small inheritance from my grandmother, and we took out $25,000 in loans against our 401(k)s.” – Shelyenda Brown, Self Magazine
If patients are given fertility financing options, it can help off-set the costs of fertility treatments. This means they don’t have to wait as long to begin treatment and can start their treatment with confidence. In many cases, not delaying fertility treatment is medically beneficial for patients. But not all patients have the savings to cover treatment, and even if they do, many aren’t keen to lose their safety net at the same time as they start a family.
Draining savings to cover fertility treatment is an added emotional strain during an already challenging time. Plans that allow patients to make affordable monthly payments while they work toward their goal of starting a family can reduce stress and increase patient satisfaction with your practice.
Knowing that they have reliable financing options that keep their savings intact can increase patient likelihood of returning to your practice for future treatments. In short, when patients are no longer burdened with financial anxiety, they can make better decisions when it comes to family planning.
Offering fertility financing can also have a positive impact on your practice. By partnering with a financing provider, your staff is no longer burdened with the tasks of managing and collecting debt. If your practice extends loans directly to patients, you are on the hook if they can’t pay it back in a timely fashion.
Meanwhile, your practice expenses and overhead can’t be put on hold. Many practices choose to work with financing providers so that their administrative staff is not wasting time every week following up on late payments. By working with a financing provider, you take yourself out of the equation so that your relationship with your patient is based purely on their health and the services they need. They get to see you as a partner in their medical care, instead of a debt collector.
Another benefit for practices that offer patients fertility financing is that it is an excellent marketing tool. When patients see that your practice offers them the best fertility financing options, it can improve your practice’s patient acquisition and retention. If other practices don’t offer financing options for a variety of budgets and credit profiles but yours does, your practice stands out from the crowd. Patients like to work with medical providers who can help them connect with a financing provider, especially when that financing provider is adept at working with patients to get the best plan available.
A fertility financing provider can help patients with all types of credit find a suitable payment plan for their unique situation by working directly with the lenders so your staff doesn’t have to. Most practices don’t want to have to deal with the nitty gritty of interest rates, credit scores, debt collection and unpaid bills. While delinquent accounts can be a small percentage of your total patient accounts, they can be very time-consuming to manage.
By working with an experienced financing partner, practices can help patients with less than perfect credit reach their goals of starting a family. It can even be beneficial for patients with challenged credit to take out and repay an installment loan, as showing a history of timely payments can actually help them build their credit score at the same time as they grow their family.
United Medical Credit recommends five easy ways for practices to introduce their fertility financing options to patients:
- Add a United Medical Credit banner to your website. We have ready-made graphics that your web team can upload to your website quickly and easily. Link it to our website where patients can fill out an online fertility financing application.
- Add a financing options tab on your website. Help patients see their options at a glance by putting all the information they need on a single page. This can take some of the hassle away from deciding how to pay for fertility treatment and shows you understand the challenges they’re facing as a patient.
- Word of mouth. Staff at your practice can inform patients that they have the option to work with United Medical Credit, a company experienced in connecting people with medical financing. Front desk staff can provide patients with our contact information so we can start helping them with their unique situation right away.
- Have patients fill out an application in your office. If they want to get started right away, they can. Our easy online application is simple to fill out. If they have any questions, we have a live chat on our website or they can call for assistance.
- Link to the United Medical Credit website in your social media posts, text messages or email. It’s easy to connect patients to us using any communication tool. Once they click through to our website and fill out the form, their application will be 100% secure and confidential.
Are you ready to get started and turn on fertility financing options for your patients? Connect with us by email, phone or through our website contact form.
Phone: (855) 503-1800, option 2