In today’s world, consumers can purchase almost anything using point-of-sale finance, from new garden furniture to electronics. This also includes healthcare services and treatments.
In this blog, we discuss the accessibility of healthcare in the UK and why businesses within the sector should consider offering point-of-sale finance options.
Accessibility of healthcare in the UK
While the UK healthcare system prides itself on offering universal access via the National Health Service (NHS), there are different challenges, such as staff shortages and underfunding, that have been impeding people from accessing the care they need.
Another main challenge that people face is the long waiting times, which has started to push people to turn to private clinics to be seen and treated by medical professionals. In 2022, private hospitals set a new record by treating 820,000 inpatients and day-case patients. Additionally, according to YouGov, in the last 12 months, one in eight Britons turned to private healthcare.
Offering Point-of-Sale Finance
Depending on the type of treatment that a patient is looking to have, private healthcare can be expensive. With the current cost of living crisis impacting the UK, having the funds available for any treatment can pose a challenge for people. This is where the power of point-of-sale finance comes into play, revolutionising the way healthcare businesses operate and improving accessibility for patients.
Take a look below to discover seven benefits of offering finance in your clinic.
- Increased Accessibility to Services
As mentioned previously, healthcare services and treatments can be expensive. However, by providing point-of-sale finance, you can make your services more accessible to a broader range of patients who might delay being seen or having any treatment due to financial constraints.
- Higher Patient Conversion Rates
Offering financing can lead to higher patient conversion rates. Patients who are worried about the cost may be more inclined to commit to services or treatments if they have the option to spread the payments over time.
- Competitive Advantage
Proving point-of-sale finance at your clinic can help you stand out from the crowd and set your business apart from competitors. Potential patients looking for a consultation or treatment may choose your business over others if you offer flexible payment options.
- Building Patient Loyalty
Offering financing options can help to build long-lasting relationships with patients as they will appreciate a business that understands their financial needs and offers solutions to make healthcare more manageable. Additionally, when customers are satisfied, there is a higher chance that they will return for future treatments and recommend your services to others.
- Promotion and Marketing
The availability of finance options can be used as a powerful marketing tool. You can promote these options on your website, in your marketing materials and across your social media channels. Through this, you can attract patients who are actively searching for affordable healthcare services.
- Flexibility for Diverse Treatments
Depending on what type of treatments your clinic provides, whether elective or cosmetic, offering flexible finance options allows patients to choose treatments they might not have otherwise considered due to the cost. This will ultimately lead to a broader range of your services being used.
- Ethical Considerations
With your clinic offering point-of-sale finance, it can align with the ethical considerations of ensuring that healthcare is accessible to all individuals, regardless of their financial situation.
How can I get finance for my clinic?
If you are looking to implement point-of-sale finance options into your practice, get in touch with us today using the contact details provided below. We work with a range of businesses within the healthcare sector that are currently enjoying the benefits that offering finance brings!
(Relay UK 18001) 03330 230 134
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