This week we’ll be looking at the advantages of in-house financing and membership solutions in the Chiropractic field. Much like the Plastic Surgery industry — as we discussed last week — Chiropractors are well suited for these solutions. Membership plans allow patients to stop in regularly for small adjustments, and an in-house financing program insures they’ll be taken care of when the time comes for larger procedures.
Chiropractors as a whole recommend a preventative approach to health, suggesting patients stop in for regular adjustments instead of waiting for one big strain or injury. This approach is an essential component of a healthy lifestyle, and helps keep people more active and less injury-prone throughout their lives. To maintain patient loyalty, many Chiropractors already offer one, simple annual membership plan. While this is easy for the practice to track and bill, it tends to force the patient to make one big spending decision annually. If they didn’t use the benefits much in the past year, they may be much less likely to renew their membership. Monthly plans — made easy by using Wellness Plan software modules — break the commitment up into much more manageable monthly payments. Patients are more likely to stay on this plan, and the technology afforded by the Wellness module suddenly makes the tracking and billing trivial.
In addition, Wellness modules make it easy to customize membership plans based on the needs of the patient. The difference is “commodity” plans, vs. “custom” plans. Many Chiropractors may offer a “Bad Back Plan,” so it’s easy for patients to find a similar deal with a competitor. However, if your practice can create a custom plan for each patient, they’ll have a strong reason to patronize you over the guy down the street. Sound too complicated? Once again, the Wellness Plan software makes incredibly easy to create, track service consumption, and bill countless membership plans on a monthly basis. Whereas do-it-yourself membership plans require constant maintenance from the practice’s office manager, advanced software saves countless hours of work.
While a preventative approach means a healthier lifestyle for patients on Wellness plans, sometimes injuries are inevitable, and larger procedures are necessary. By offering in-house financing options, it becomes easy for the practice to offer said procedures, without waiting for third-party financing approval. The lending risk is mitigated as well, as patients on Wellness Plans should already have a steady history of payments made to the practice. In addition, many practices will offer discounts on these procedures to Wellness members, thus further ensuring patient loyalty.
Communicating value to the patient is a critical component of keeping patients happy and continuing to stay on a wellness plan. A big part of retention is the quality of the services delivered along with the plan being customized for them, but another big part is ease of dealing with any billing issues, statements, services delivered etc. The in-house financing options and membership plans are all fully integrated and easily managed by the same software, and a Self Service Portal on the practice’s website allows the patient to easily access each one. Upon logging in, the patient can see what benefits they’ve utilized, what else is available in their plan, how much they’ve saved, and anything else the practice sees fit. Since patients can access this information at their convenience, it also saves the practice valuable office time from having to answer numerous inquiries about current memberships.
With a comprehensive Wellness program and in-house financing options, Chiropractors can provide an easy path for their patients to lead a healthy life, while maintaining a loyal and stable client base. For more on the benefits of membership plans, consult our previous post on leveraging the “Members Only Phenomenon.”