Deductibles today are over 4x higher than they were in 2010, leaving many patients unable to afford their portion of payment for medical procedures.
Providers want to help. That’s why many practices offer their patients in-house financing. But this places burden and liability on the providers who just want to provide care — not act as a bank.
MedPlan allows providers to see more patients without worrying about having to collect payment from them. More patients can get the care they need, and providers can focus on what they do best.
(All the risk, hassle, and hounding)
(Low approval, high-interest credit cards full of “gotchas”)
(High approval rate, low interest, and transparent payment terms)
Medical practices stand to increase their profitability by accepting more patients who would likely be denied by other medical financing options.
With MedPlan, not only can providers serve more of these patients — they can receive payments upfront for these cases without the burden and financial risk of an internal financing solution.
Download the MedPlan Calculator to dive deeper into the numbers and see how these calculations were made.Download the Interactive Calculator
Patients who apply for MedPlan Credit financing are evaluated on a set of criteria determining their credit health and risk level, then categorized as a Credit Tier of A, B, C, or D.
Providers have the flexibility to choose their patient acceptance thresholds based on these credit tiers, which informs the portion of patients’ payment they collect.
Providers receive payment for each patient financed with MedPlan within 5 days via ACH.
Affordable financing for your patients who need help the most! Cash you need - care they deserve!
The Challenges of Converting Aged Accounts Receivable to Cash.
No, patients will pay MedPlan directly. Your name and organization will not be associated with any of the bills or collection documents.
The application asks for basic information plus information regarding employment, sources of income, number of dependents, monthly expenses, etc.
The patient activity is reported to the credit bureaus. Regular, timely payments will improve a patient’s credit while missed and/or late payments will create derogatory credit history.
The average interest rate ranges between 12.9% - 17.9%, depending on the patient applicant’s Credit Tier.
Most payment plans are no longer than 36 months; however, we can extend payments up to 60 months in certain situations.
Monthly payments will be automatically deducted from the patient’s bank account or credit card on file. MedPlan will send out monthly reminders via text or email, two days prior to the payment due date.
Yes! Patients receive a monthly statement via email, plus access to all account information through the patient portal on the MedPlan website.