Explore how patient financing solutions like BillFlash FlexPay offer transparent plans that enhance care access and increase your cash flow.
The healthcare landscape has changed. Deductibles and coinsurance have climbed, leaving patients responsible for much more of their bills. KFF reports that nearly all insured workers face deductibles, which have grown significantly (the average single deductible is now $1,735, up 53% in 10 years). At the same time, 50% or more of each patient bill is unpaid at the time of service in many practices. Unsurprisingly, many patients delay or cannot pay high bills—6% of adults owe over $1,000 in medical debt, and 1% owe more than $10,000. These trends underline the financial burden faced by patients today. Meanwhile, many traditional patient financing solutions, such as credit-card-based medical credit cards or long-term loans, struggle to meet modern expectations.
These traditional plans often involve long applications, hard credit checks, high interest or hidden fees, and unclear terms. Busy front-desk staff must clarify loan terms or contact patients about unpaid balances.
Worse, if patients later default, providers may face chargebacks or penalties. These ‘patient financing solutions' often frustrate patients and providers with sticker shock and excessive paperwork. The Consumer Financial Protection Bureau warns that promoting medical credit plans can increase patients' financial burden.
Exploring BillFlash FlexPay
Enter BillFlash FlexPay. FlexPay was built as a modern alternative specifically for healthcare and dental practices in this situation by streamlining financing with transparency and speed. FlexPay lets providers offer affordable, transparent payment plans while ensuring full and timely payment. Today, we'll discuss some key issues with traditional patient financing solutions, explain how FlexPay works, and highlight six ways it differs (and improves) traditional patient financing options. We will also explore how FlexPay benefits providers and enhances the patient experience, especially for high out-of-pocket care.
The Problem With Traditional Patient Financing
Traditional patient financing solutions have serious limitations. They often rely on credit-based underwriting with strict requirements. According to one industry report, Forbes estimates that roughly 50% of patients are denied financing for elective care under typical financing solutions. Another expert notes that only about 40% of even good-credit patients get approved by common financing plans. Most patients learn they don't qualify, and many providers stop offering these options. Outdated application processes, previously done on paper or through confusing online forms, add more work for staff and force patients to wait or give up on care.
Those who qualify for traditional financing often face high interest rates and hidden fees. For instance, one dental patient thought he signed up for a payment plan with no interest, only to face a 26.99% deferred interest penalty if he didn't repay on time. The CFPB has also observed that medical credit cards and loan companies, which charge interest and maintenance fees, have displaced many providers. Regulatory agencies have noted a “surge of consumer complaints” tied to medical debt collection as credit-driven financing has grown.
Meanwhile, providers have little control over the terms: finance charges are set by the lender, not the practice. Practices must still follow up on delinquent accounts if patients default. So, traditional patient financing solutions are slow and uncertain. Long applications, hard credit checks, and low approval rates discourage many patients. When lenders approve financing, they may provide confusing cost and repayment terms. Practices take on the administrative burden of managing these plans, explaining them to patients, and going after any unpaid balances.
This friction can cause patients to decline recommended care or switch providers for better payment options.
What Is BillFlash FlexPay?
BillFlash FlexPay is a part of modern patient financing solutions for healthcare and dental practices. It is powered by Sunbit's patient-financing platform and integrated into BillFlash's billing workflow. FlexPay lets providers automatically offer low-cost payment plans to patients at checkout. Here’s how it works: When patients open their statement, via text, email, or scanning a QR code on a mailed bill, they are directed to the secure PayWoot.com payment portal. There, alongside their payment options, they'll see the FlexPay button if they want to pay over time.
With one click, they complete an online application that takes less than one minute. There is no hard credit inquiry; only a soft check is done, so credit scores are unaffected. The overall result is far higher acceptance: FlexPay has a 90% approval rate, compared to the 50% decline rates common in traditional patient financing solutions.
Shortly after completing the application, the patient instantly learns their options. Approved patients receive at least a 3-month 0% APR payment plan and a full interest waiver that traditional cards don't promise. For longer-term financing needs, options range from 6 to 18 months, with clear terms established upfront.
On the provider side, the benefits are immediate. FlexPay initiates payment the next business day, depositing funds directly into the practice’s account with no recourse if a patient later defaults. In other words, the practice has no collection risk. FlexPay manages all patient repayments through automatic, recurring charges. The provider fee is simple and transparent: ambulatory medical practices pay a flat 5.99% fee on the financed balance (custom rates apply for dental practices). There are no hidden or origination fees for the patient or provider.
6 Key Ways BillFlash FlexPay Is Different (and Better)
1. Instant, Hassle‑Free Approval
FlexPay stands apart from traditional financing with its efficient approval process. Traditional patient financing solutions can feel like applying for a mortgage: too many forms, too many questions, and multiple credit inquiries. FlexPay reduces approval to a less-than-one-minute experience. Patients enter minimal data and get an answer immediately—no hard credit pulls, collateral requirements, or waiting days for a response. By simplifying the process, FlexPay makes offering financing to more patients instantly much easier.
2. Interest‑Free and Transparent
Traditional patient financing solutions frequently include complicated fee structures and deferred interest provisions that can significantly increase patient costs. The Consumer Financial Protection Bureau found that patients who incur deferred interest on healthcare purchases pay an additional 23% of their initial purchase amount. In contrast, FlexPay offers straightforward terms, including a 3-month 0% APR plan available to all approved patients. So, what patients see is what they pay. While longer-term plans may include interest, the terms communicate it upfront, eliminating unexpected costs. This is more patient-friendly than typical medical credit cards, which often carry double-digit rates after an interest-free promotional period.
3. Provider‑Controlled Terms
Unlike many third-party lenders, FlexPay allows practices to control how they offer payment plans. For example, BillFlash lets you automatically embed the FlexPay option on qualifying patient statements with no staff intervention. You can even set rules, such as enabling FlexPay on balances above a certain amount or older bills. During enrollment, practices can request FlexPay brochures and materials to help staff introduce the option. On the back end, providers remain in the driver's seat: FlexPay operates independently of other billing tools, allowing you to use it alongside your existing electronic billing services. It supports actions like prepayments or refunds and adjusts the funding accordingly. FlexPay's flexible settings let practices customize the offering to their workflow and patient mix.
4. Higher Acceptance Rates
Because FlexPay relies on soft credit checks and alternative data, it approves a much higher percentage of applicants than traditional patient financing solutions, including those with credit scores as low as 500. BillFlash has a 90% approval rate for FlexPay applicants. Sunbit similarly reports that roughly 85% of dental patients who apply are approved. The bottom line is that FlexPay makes financing accessible to far more patients, not just those with good or excellent credit. More approvals mean more procedures can move forward instead of being canceled due to the lack of flexible payment options.
5. Improved Collections Without the Chase
Traditional patient financing solutions often involve delays between services and payment receipts. FlexPay eliminates this concern by ensuring providers receive full payment immediately. This immediate payment improves practice cash flow and reduces the administrative burden of tracking and managing patient payment plans. Once an applicant is approved and signs up, the provider's account is typically funded within 3–5 business days. This means collection efforts drop significantly: instead of trying to collect on a patient's old balance, the practice has already been paid. Providers have reported a 60% increase in payments within 30 days of implementing BillFlash services. FlexPay's model also guarantees providers the financed amount. If the patient misses a payment later, the provider's bank deposit will not be withdrawn.
6. Better Patient Experience
FlexPay makes financial interactions smoother and less stressful for patients. Unlike traditional patient financing solutions that may vary fees based on credit score, plan type, and other factors, FlexPay offers a straightforward fee structure. Patients appreciate that there are no surprise fees and that they can compare monthly payments instantly. One survey finds that 80% of patients want the option to pay medical bills in installments, so offering flexible payment plans meets a clear demand. One study found that financial assistance programs drive up utilization (for example, 59% more inpatient visits) when patients are no longer driven away by cost.
How FlexPay Benefits Providers
The advantages of FlexPay for healthcare providers go beyond the key differentiators we mentioned above. Practices implementing FlexPay often experience significant improvements in their financial performance and operational efficiency. The immediate payment feature ensures consistent cash flow, eliminating the uncertainty associated with patient payment plans. This predictable revenue stream helps practices manage their finances better and invest in growth opportunities.
FlexPay also reduces administrative burden by simplifying the payment collection process. By eliminating the need to chase patient payments or manage difficult financing relationships, practices can redirect staff resources to more valuable practice activities. Integrating existing billing systems enhances operations, creating a more efficient practice environment.
The high approval rate means practices can confidently offer patient financing solutions. This capability increases treatment acceptance rates and expands access to care, particularly for patients who might otherwise delay or decline necessary treatments due to financial concerns.
Better Experience for Patients
Patients today expect digital-first, transparent interactions, especially regarding money. FlexPay delivers on that expectation. For the initial 3-month term, the patient owes only the cost of care (no interest). If they need more time, the available plans feature clear terms that patients understand before selecting their financing option. Patients know exactly what to expect. Because of this simplicity, patients often feel relieved and not frustrated after their appointment.
FlexPay increases accessibility, especially for patients with less-than-perfect credit histories that traditional patient financing solutions might deny. Flexible billing options allow patients to choose terms that fit their budget and financial situation. Monthly installment plans make healthcare costs more manageable, reducing financial stress and improving overall satisfaction with the care experience.
Modernize Your Patient Financing With FlexPay
FlexPay isn't just another patient financing solution; it's a smarter way to bridge the gap between care and cost. In a healthcare world where financial stress can stop patients from getting the treatment they need, FlexPay keeps things simple, supportive, and transparent. FlexPay creates a win-win financial scenario for healthcare practices and patients requiring care. FlexPay also integrates easily into existing billing workflows, allowing practices to add it without major disruption. For practices looking to improve collections and treatment acceptance, while giving patients a better experience, FlexPay offers a better alternative to traditional patient financing solutions.
To see FlexPay in action and learn how it can fit your practice, schedule a demo with us to learn more about our billing, payment, and collection software.