Patient Financing When You Need Money Fast

Using patient financing after you incur emergency medical bills is often necessary to cover the large bills. Emergency room service bills have skyrocketed in recent years and it may become necessary for you to find a means to finance your bill. Many people are living paycheck to paycheck and do not have thousands of dollars sitting around in case of an emergency medical procedure. Therefore, emergency patient financing can come in very handy when you are in a bind. Here are a few different methods that you could use to pay the bill.

Medical Finance Companies

There are a number of companies that are designed to help finance medical bills. You can sometimes receive information about the different options that you have at the hospital business office. They may partner with different medical finance companies to give you a few choices to pick from. 

With these programs, they will often have many different terms available. You might be able to find one that has an introductory interest rate promotion available. Often these programs will give you an introductory period of zero percent interest. If you can secure one of these loans, then you should definitely take advantage of it. It will allow you to make a big dent in the amount or completely pay it off before you are charged any interest.

These companies typically approve based on your credit score. Therefore, you will have to have a decent credit history in order to get approved for one of these loans. This can limit the availability of the program for a lot of people.

If you get through the promotional period and forget that you owe the money, you could be in a lot of trouble. Defaulting on this type of a promotion is similar to defaulting on a credit card. It can really hurt your credit and the company could take you to court as well. They could change the unsecured debt to secured and come after your possessions.

In-House Financing

Many times if you do not qualify for a medical financing company, the hospital itself will allow you some flexible terms to pay off the balance. The hospital realizes that not everyone has thousands of dollars sitting around to pay for medical bills. Therefore, they know that if they are not willing to work with you on your bill, they might not be able to get any of it. They are usually willing to give you at least some kind of terms to pay the bill back. The terms probably will not be as great as you could get from a promotion that a finance company is offering, but it will still help. 

This is a good option, but it still comes with risks. If you cannot pay the balance or miss a few payments, the hospital will most likely sue you for the money. You could receive a judgment against you that garnishes your wages or collects the money from some other means. 

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