As health insurance premiums rise and coverage decreases physicians everywhere must find ways to provide healthcare in a manner that is accessible. The self-pay model has risen in popularity because of this. That is a good thing. But just because it is good does not mean that there are no negative repercussions.

According to Forbes, in the United States the median savings account balance of a 40-year old is $7,500. This leaves slim wiggle room for larger expenses, such as healthcare. Patient lending options have aimed to address this issue. Mitigating upfront costs can be advantageous for a large percentage of the U.S. population in the current economic climate. Because of this healthcare options have been extended to people who otherwise would not have been able to afford the services they need. Healthcare solutions like this are changing healthcare for the good. That being said, patient lending has faced serious challenges in recent years.

Certain health services have fallen under scrutiny in the lending world. Chiropractic is one of them. Lending on chiropractic services has been historically risky for lenders. The default rate is higher than loans on other healthcare services. On top of that interest rates have increased across all fields, making it more challenging to pay off principles. Have lenders began “phasing out” chiropractic services? It sure feels that way. This poses a challenge for physicians trying to expand their cash-based services. Despite the lack of support, the demand for direct-pay healthcare is still on the rise.

Being able to adapt as a chiropractor is mandatory these days. Not doing so will put your success at risk. Having in-house payment plans is a viable option. This is riskier for the clinic, since the funding is not provided upfront. The positive is that it expands access to those who lenders are currently denying funding to. Patient Payment Solutions has been facilitating payment plans for chiropractic clinics for years now. Having alternative financing options during shaky lending markets can make the difference when trying to grow your cash-based practice.

Don’t forget that a clinic trying to adapt to current conditions needs a fee schedule that is adaptable too. Offering cash-based services can increase your risk of a compliance violation, especially when it comes to fee schedules. Patient Options can mitigate that risk. Right now it has never been more affordible to join. They are offering the first month of enrollment for only $1. Click here to learn more.

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