Approximately, chiropractic services range from $30 to $200 per session. Some chiropractors may not charge for an initial consultation fee, but on an average, for some typical therapy session, chiropractors may charge $65. Affording regular chiropractic sessions may become challenging, especially for those people who are on a fixed income.
The major challenge
According to the American Chiropractic Association, 3 in four people, which is approximately 77% of people, say that they find chiropractic treatment as very useful. Also, if they could afford, they would like to go for regular chiropractic sessions. It means affording the chiropractic session is challenging for patients. When it comes to health insurance companies, they do not cover the entire medical cost for chiropractic treatment. Hence, there arises a need for chiropractors to make the treatment affordable to patients.
Different methods available to afford Chiropractic Patient Financing
According to JPMorgan Chase Institute, “ in 2017, out-of-pocket healthcare spending increased across all states and rose to almost 8.5% since 2016.” Hence, to make chiropractic treatment and procedures affordable, a practice should guide the best way to his/ her patients.
The methods available for Chiropractic Patient Financing
Usually, patients opt for the following methods to cover medical expenses:
Medical credit cards: These credit cards are also referred to as specialized credit cards. Medical credit cards are provided through the healthcare provider and are used specifically to pay for the treatment and procedures done by that provider. Usually, medical cards do not cover all medical treatments and services.
Regular credit cards: Another option to get a chiropractic patient loan is through regular credit cards. However, the rate of interest on a regular credit card is extremely high, and if the money is not repaid on time, it could lead to penalties.
Bank loans: As the medical expenses are skyrocketing, people also go for chiropractic patient loans. Again, it may cover medical costs upfront, but the rate of interest can be too high.
Cash savings: Savings are meant to be utilized during emergencies. Undoubtedly, medical expenses are urgent, but looking for affordable and accessible financing methods, for instance, chiropractic payment plans can prove to be more helpful.
Unsecured medical loans: These chiropractic patient loans can be used to finance surgical procedures. As these are unsecured loans, it charges patients a high rate of interest.
Loans from family and friends: People consider taking loans from family and friends, but this may not be a good idea. These are open-ended loans and are not based on any agreement, and there is no timeline to return the money. It may be convenient for the borrower but not for the lender.
The best way to cover chiropractic medical expenses
Chiropractic Patient Financing offers your patients services to cover their medical bills and expenses. The Chiropractic Patient Financing helps patients to not only pay for the treatment cost but also give them an option to pay in easy monthly or even yearly installment. There are companies like Denefits that provide payment plan options to the practice, and thus, the practice can offer it to his/ her patients. These payment plans help patients to cover their medical expenses and pay in easy installments. Practice gets guaranteed payments, and the patients base as practice doesn’t have to turn patients away.
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