The twofold goal of every ASC is the same: provide excellent ambulatory care, increase revenue. When we think of growing revenue, we often focus only on filling up the OR and working more efficiently. But payment plans are a crucial way to avoid leaving money on the table.
Know the numbers
Among the many benefits of outpatient surgery is that it’s often more cost-effective for patients. Still, for many people, as soon as they hear the word surgery, all they see are dollar signs.
It might take some extra work on the front end, but you should be able to communicate your patient’s costs up-front. Patients are less likely to cancel an operation when they can build a payment plan into their budget. Especially in today’s post-COVID-19 world, many patients need flexible options to get the healthcare they need.
Don’t leave money on the table
Signing patients up with a payment plan is a simple path to more guaranteed revenue for your ASC. Often, patients simply can’t afford to pay the entirety of their medical bill at one time. If you give them no other option and they cannot afford the full price tag, you risk never receiving payment at all. When you give them opportunities to pay over time, the result is more guaranteed revenue.
Increase patient satisfaction
At the end of the day, patients want to feel valued. Offering payment plans is another way to let patients know that you care for them. You understand that, for many people, surgery is not expected or financially feasible. When you offer payment plans, you communicate to your patients that you want to work with them.
Other ASC Payment Plan Options
If your ASC management is resistant to payment plans, consider how multiple formats can be helpful. For example:
- Require 50% at admission and the remaining 50% within 30 days.
- Require 50% at admission, the next 25% within 30 days, and the final 25% within 60 days.
- Require 25% at admission and the remainder in six-month installments.
- Offer a 5-10% discount for payment-in-full at admission.
The bottom line? Patients want to know you have empathy for them—and that includes empathy for financial hardship. Consider how you can structure payment plans that work both for increasing your revenue and keeping your patients happy.
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