ATnT Practice Management May – June 2011: Patient Financing

Posted: May 8, 2011 at 3:47 pm

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Aesthetic Trends & Technologies
May - June 2011
Practice Management Department

Case Acceptance Gap

THE STATE OF PATIENT
FINANCE IN THE “NEW ECONOMY”

By Milton W. Talkington,
Contributing Editor

It is time to face the facts. As American’s average credit scores have declined and approval benchmarks from major revolving credit issuers continue to rise, the recent trend of lower approval ratios and increased partial approvals will continue. And yes, that most certainly means the “Case Acceptance Gap” created by this trend will continue to grow. Bottom line; many patients approved by revolving credit issuers in the past are not being approved today.

It would likely surprise many practice executives, owners, and practitioners how many potential procedures are walking out their front door due to credit-app denials or partial approvals. Even more surprising is who and why! One thing is certain; it is safe to assume that the “good ole days” of steady job, good payment history, and a checking account translating to “approved for credit” is becoming a distant memory.

TREND MITIGATING SOLUTIONS:
DISPELLING THE MYTHS

As providers attempt to adapt in this “new economy,” it is even more critical they focus on the business side of the practice. Most continue to manage themselves as they did when the economy was far different and much more robust. In the current market, providers find themselves wondering what can be done to manage these evolving day-to-day pressures while maintaining…READ ON - Download Full Article NOW!

Milton Talkington

About the Author
Milton W. Talkington founded Omni-Med, a division of Omni Funding serving healthcare and wellness providers with offices in six states. The Omni-Med program allows healthcare and wellness provider patients to have the ability to say YES to elective and recommended care, thus increasing Case Acceptance! Mr. Talkington has consulted, modeled, and implemented various finance programs for healthcare professionals. Over the past two decades he has created easy-to-use programs, is a dynamic public speaker, and contributing writer for several finance publications. Mr. Talkington has established himself as a business entrepreneur and a master capital consultant. Visit the Omni-Med website: http://www.omnimedservices.com or contact him directly at milton@omni-funding.com

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