What is the purpose of a financial discussion?
The purpose of the Financial Discussion and Plan is to help the patient determine a plan to handle the cost of treatment in a way that will work for both the patient and the office. The outcome of a successful financial plan is a patient who is able to get the treatment that is needed and an office that is financially viable with net collections that are equal to net production.
What is the role of the Financial Coordinator?
A good Financial Coordinator knows the importance of working “with” a patient and “helping” them to find a way to get the treatment that they need.
People often think that the role of the Financial Coordinator is to “get the money” and that the only way to do this is to be very business-like and matter of fact about the cost of treatment. This is not true!
A truly good Financial Coordinator is able to build a relationship with the patient, partners with the patient and is willing to work hard WITH them to help them find a way to pay for needed treatment. A good Financial Coordinator also understands that the patient NEEDS this treatment and that if they don’t get the treatment now – things will get worse.
This means that they cannot just go into an agreement with the patient, that treatment is more than they can afford. Letting the patient know that “you are here to help them find a way to get their treatment and that together, the two of you can make this work” is key to success.
Where do you have this discussion?
Make sure that you have discussions about finances in a private area where team members, the doctor, other patients cannot hear.
People will be more honest and open in a private setting and you will be better able to help them find a solution.
When finances are presented in an area where others can hear – people do not want to say that “This is more than I was expecting” or “Can I make payments?”.
Instead, they say things like “I’ll have to check our school schedule and we’ll call you” or “I have to talk to their dad, we’ll get back to you soon”. Or even worse – they say “sure” and book the appointment – and then they call the office at 10 pm on Saturday night (when they are sure no one will answer) and leave a message cancelling their Monday morning appointment!
BEST PRACTICES
It's about the Patient's Health
Always keep your focus on the fact that getting this treatment is important for their health and well-being. This is something that they truly need. If your intention is to help them to get what they need, you will not come across as “pushy” or “only caring about the money”
Work with the Patient
Financial Coordinators are always very fast to offer 3rd Party Financing without finding out if the patient has some money to put down or what the patient’s actual payment needs are. It is better to take $2000 in cash and only finance $2500 than to pay the fees for the full $4500. Ask the patient how much they are able to pay towards the cost of their treatment.
Can I make Payments?
Help the patient apply for 3rd party financing in the office. Do not let them go home and do this.
When a patient asks if they can make payments – the answer is always ABSOLUTELY. Your questions should be, “How much are you able to pay towards your treatment today?” and “What kind of monthly payment would work for your budget?” Once you have that information, you can set the patient up with the best plan for them – ranging from 6 months with no interest to 60+ months with interest. “We partner with Care Credit – are you familiar with Care Credit?
You may discover they already have an account.
What do I do if my patient does not qualify for 3rd party?
When a patient/parent does not qualify for 3rd Party Financing, never tell them they have been denied. The minute the word “denied” is spoken, they become embarrassed and want to “get away”. If a patient is not approved, let them know that you have good news – you can get them approved with a qualified co-signer. This is a completely truthful statement you are giving them
– Anyone can get approved with a qualified co-signer.
What can I do if they say they need to talk to their spouse?
If a patient says that they need to talk to a spouse before they can commit to treatment and a financial plan, offer to give them a private place to talk and a telephone.
Let them know that either you or the doctor would be happy to help them explain the medical need for the treatment and how it is going to change how you feel.
What if they ask me if I need this treatment?
No clinical question should be answered by the Financial Coordinator that were not included in the Power Pass. Handling these questions can be challenging which is why a power pass is so important.
If you have not gotten an adequate power pass and the patient asks a clinical question you can politely say “Mrs. Smith it sounds like you have question in regard to the treatment. Let me get Dr. Mary to help answer those questions for you.”
This is why a power pass is so important.