As health professionals and clinic owners, we’re always striving to meet two important criteria in our professional lives: improving patients outcomes while providing the very best health service we can, while ensuring that our processes make our clinic sustainable and profitable – so we can stay in business and keep doing what we love. So could Buy Now Pay Later be part of this equation?

Buy Now Pay Later (BNPL) payment options are one of the most significant changes to how businesses across a wide range of fields process payments, and the options they give to their customers or clients. Specifically, Buy Now Pay Later enables people to access the products or services they need without worrying about the full upfront cost, instead only paying a small fraction of the cost – like one-quarter or one-sixth of the full cost.

While some industries have uptaken Buy Now Pay Later quickly and with great enthusiasm, much of the healthcare industry still appears to be catching up – or displaying some hesitation, despite the numerous benefits for medical clinics and health services that Buy Now Pay Later can offer – from increased patient satisfaction and loyalty, to improved cash flow and revenue. In this article, we’ll take a closer look at the benefits of Buy Now Pay Later payment options and why they’re worth considering for your practice.

Improved Patient Access to Care

One of the most significant benefits of Buy Now Pay Later payment options is that they can improve patient access to care. For many patients, the cost of healthcare can be a significant barrier to getting the treatment they need. Even with private insurance coverage, the full cost is not covered for most, while others have high excess payments for certain services that they simply can’t afford. 

By offering a Buy Now Pay Later option, you can help patients overcome these financial barriers and get the care they need. Buy Now Pay Later options allow patients to pay for their treatment in instalments over time, rather than having to come up with the full amount upfront. This can make it much easier for patients to manage the cost of their care and ensure they get the treatment they need when they need it.

Increased Patient Satisfaction and Loyalty

In addition to improving patient access to care, offering a Buy Now Pay Later payment option can also boost patient satisfaction and loyalty. When patients have a positive experience with your practice, they’re more likely to return for future care and recommend your services to others.

By offering a Buy Now Pay Later option, you can show patients that you’re committed to helping them access the care they need, regardless of their financial situation. This can build trust and confidence in your practice, and help patients feel more connected to your brand. When patients feel that you’re invested in their well-being, they’re more likely to become loyal advocates for your practice.

Improved Cash Flow and Revenue

Another key benefit of Buy Now Pay Later payment options is that they can improve cash flow and revenue for your practice. When patients can’t afford to pay for their treatment upfront, it can lead to delayed payments or even unpaid bills. This can put a strain on your practice’s finances and make it harder to invest in new equipment, technology, or staff – something that is very important today in 2023, with rising costs and employee salary expectations.

By offering a Buy Now Pay Later option, you can ensure that you get paid for your services while still giving patients the flexibility they need to manage their finances. This can help improve your practice’s cash flow and revenue, and give you the resources you need to invest in growth, new products and services, innovation and future-proofing your clinic.

Competitive Advantage in the Market

Offering a BNPL payment option can also give your practice a competitive advantage in the market. With so many different healthcare providers and clinics to choose from, patients are increasingly looking for practices that offer convenience, flexibility, and value.

By offering a BNPL option, you can differentiate your practice from competitors and attract more patients to your services. Patients are more likely to choose a provider that offers the flexibility and convenience of a BNPL option, and may be more likely to recommend your services to others.

Implementing a Buy Now Pay Later Payment Option Into Your Clinic

If you’re interested in offering a Buy Now Pay Later payment option for your practice, there are a few things to consider. First, you’ll need to find a Buy Now Pay Later provider that meets your needs and requirements. Ideally, you want a provider that is focused solely on the healthcare and medical industry, as they’ll not only understand and cater to your unique needs, but also your clinic’s systems and processes – which will be very different to if you were an online jewellery retailer, for example. There are a variety of different providers out there, each with their own terms, fees, and requirements. Be sure to do your research and find a provider that offers the features and flexibility you need to meet both your and your patients’ needs.

HealthNow for Buy Now Pay Later

HeathNow was the world’s first BNPL platform for health and medical services – and continues to lead the way both in the US and in NZ. It allows your patients to use the free app with the same ease that they’d use an eftpos card stored in their phone – except with a few simple steps to decide over how many weeks they’d like to spread the cost of their appointments – with a maximum of twelve weeks, one of the largest allowances on the BNPL market. 

BNPL with HealthNow meets additional regulatory compliances compared to other BNPL platforms to ensure it operates with ethical and social responsibility. It is completely free to use, as long as the repayments are made on time. Even then, HealthNow has very lenient and understanding policies, with the health of the community being one of their key focuses. Benefits to clinics and health consumers include:

• Pay Anywhere, Anytime: HealthNow offers seamless, contactless and fully secure payments regardless of whether your patient is visiting you at a central clinic, a remote clinic, a home visit or a telehealth consultation.
• Same-Day Payments: Clinics get paid in full on the same day for every product or service rendered, without exhausting their administrative time or repeatedly chasing payments.
• Full Versatility: Patients choose the payment method that best reflects their circumstances on the day – whether that’s paying in full, or spreading the payments over up to twelve weeks.
• Better Health For All: Accessing diagnostics and treatment earlier and without stressing about the immediate availability of funds promotes improved health outcomes for all.
• Health Wallet & Employer Aid: Patients can utilise funds contributed by themselves, their families or their employers to pay for your services directly from their HealthNow wallet.

Get started with HealthNow for your clinic by signing up here.