Hearing care professionals share strategies for implementing flexible payment options to expand patient access and support practice growth.

By Melanie Hamilton-Basich

For many patients, the most significant barrier to better hearing isn’t technology or diagnosis—it’s cost. The expense for hearing care services and devices like hearing aids, often running into thousands of dollars, can be a daunting prospect that causes individuals and families to delay or forgo essential care. For hearing care practices, addressing this financial hurdle directly has become a critical component of both patient care and business sustainability. By offering a variety of payment solutions, clinics can expand their reach, serve more patients, and ensure that financial constraints do not stand in the way of treatment.

Some audiology patients are content making direct payments using cash, personal check, or major credit cards. And it’s helpful when hearing clinics can help patients navigate their insurance benefits, some of which do cover at least some hearing care expenses. But for the many audiology patients who find themselves faced with paying for their hearing care out of pocket, especially hearing aids, they’ll likely appreciate being presented with a wider range of options.

The reality is that few patients are prepared for such a large, immediate expense. “I really don’t know how our practice would survive without [payment plans], because most patients typically don’t have $5,000 to $7,000 just hanging around to pay for hearing aids out of pocket,” says Hunter Gerhart, AuD, director of audiology for Livingston Hearing Aid Center based in Texas. “Utilizing these payment plans has been really good for our practice and for our patients, because we’ve been able to help a lot more people.”

In pediatric settings, for families navigating a child’s hearing loss, the financial burden of testing and devices can add another layer of stress to an already challenging situation. “We do not want a family to feel like they can’t do something because they can’t afford it,” says Ashley Ervin, AuD, a pediatric audiologist at Atrium Health Wake Forest Baptist Health in Winston-Salem, N.C. “We really try hard to help them figure out a way.”

By proactively presenting a range of options, from third-party financing to in-house payment plans and grants, providers can empower patients and their families to make decisions based on clinical need rather than immediate financial capacity.

Why Offer Multiple Payment Options

In a competitive market where patients have more choices than ever, the ability to offer flexible payment solutions can be a significant differentiator. More importantly, it aligns the practice’s operations with its core mission of providing care. For many practices, failing to address the cost barrier means turning away patients who could otherwise benefit from their services.

Gerhart estimates that about 50% of his patients who pay out-of-pocket without insurance coverage use some form of payment plan. This figure highlights a substantial portion of the patient population that might be lost without accessible financing. “I think what people aren’t realizing is all of the business that they are potentially losing out on by not offering payment plans,” he says. He argues that while there is typically an expense to the provider when a third-party plan is used, the return on investment is clear. “Yes, it may cost your practice a little bit more up front, but you’re going to be able to help a lot more people by offering these payment plans.”

Many of the pediatric patients Ervin sees are covered by Medicaid. But families with private insurance can still face significant bills. In these cases, her team’s role extends beyond clinical care to include financial guidance. “If we have a patient that we know owes something, one of the first things that we do during a consult is lay out every single option,” she explains. “We want them to know all of the choices available for them so they can make the most sound financial decision for their family.” In addition to various payment plans, some of these choices may include grants and financial assistance from non-profit organizations, which her team helps set patients up with. This approach ensures that treatment pathways are not dictated by a family’s ability to pay up front.

Building a Versatile Payment Toolkit

A one-size-fits-all approach to financing rarely meets the diverse needs of patients. To be effective, practices should consider building a toolkit of options that cater to different financial situations and preferences. This includes not only the types of plans offered but also the terms associated with them.

Gerhart’s multi-location practice, for instance, offers a spectrum of third-party financing plans. “One thing that’s been really imperative for our practice is to offer a variety of payment plans,” he says. This includes popular short-term, no-interest options as well as longer-term plans that prioritize affordability. “We also offer payment plans out to 60 months to get something low and affordable that’s comfortable for patients each month,” he adds. While a 12-month, no-interest plan is attractive, the higher monthly payments may not be feasible for everyone. A longer-term plan, even with interest, can bring the monthly cost within reach for more patients.

The structure of these offerings can vary. Gerhart’s practice partners with established third-party companies like CareCredit and Allegro, as well as a company called HealthiPlan. In contrast, Ervin’s hospital-based clinic directs families to the hospital system’s internal payment plans. “I believe that they apply for it or go through our hospital system and then they kind of work out a plan from there,” she says. In addition, her team actively connects families with external resources. “If there are any grants, then we’re sending these kiddos to these grants to help either pay for all of the cost or pay for some of it, depending on what they qualify for.”

Choosing the Right Financing Partners

For practices looking to partner with third-party financing companies, the selection process itself requires careful consideration. The goal is to find partners that not only serve the practice’s business needs but also provide a positive and accessible experience for patients.

“I think, when choosing, it’s important for practices to identify payment plans that offer the terms that their patients are looking for,” Gerhart advises. This includes sought-after features like no-interest financing. However, another crucial factor is the approval rating. “A plan that will approve a lot of their patients” is essential, he notes, as a high rate of denials can lead to patient frustration and lost opportunities.

The financial landscape is also dynamic. Gerhart’s practice previously worked with Wells Fargo Health Advantage, but when the company exited the healthcare financing market, they had to adapt. “We had to pivot and go to CareCredit and Allegro as kind of our first look,” he says. This adaptability is key, and he is already exploring new providers, such as a company called Cherry, to ensure his practice continues to offer robust options. He recommends that other multi-location clinics ask potential partners for a pilot program “to see if this works for you before committing to something long-term.”

A major factor in streamlining the financing process is technological integration. Gerhart emphasizes the value of working with payment plans that integrate with the practice’s electronic medical record (EMR) system. “That’s been another thing that has been really helpful for us,” he says, referencing his practice’s use of Sycle. “It’s made the application process and just the whole entire process much smoother and easier, for us as the provider, but also for the patient.” When the financing application is built into the EMR, it reduces administrative friction and creates a more seamless experience from consultation to payment.

Approaching the Financial Conversation

How and when payment options are presented can significantly influence a patient’s decision-making process, regardless of the options available. A well-handled financial conversation can build trust and confidence, while a poorly managed one can create pressure and uncertainty.

Gerhart has refined a specific approach. The conversation about cost happens only after the clinical recommendation has been made and the patient understands the value of the proposed technology. “After we have identified the hearing aid that would work best for them and the hearing aid that we’ve recommended, we typically say, ‘This is the price of this hearing aid and we do offer payment plans.’ And typically I’m quiet after that,” he explains. This pause is intentional. It allows him to gauge the patient’s reaction and lets them lead the next step. “They’re either going to have a lot of reservations or objections about the price or they will be fine paying that or fine going down a payment plan route.”

To support this conversation, having clear, easy-to-understand materials can be helpful. Gerhart recommends having a way to easily compare different plans in the office. “I think having an easy way for patients to visualize their options and to choose the one that works best for them… will be helpful as they navigate their choices and ultimately make a decision.”

A Team-Based Approach to Patient Payment

Effectively implementing payment options is not solely the responsibility of the front office staff. To ensure a smooth and supportive patient experience, the entire clinical and administrative team should be knowledgeable about the available options.

“I think that’s where some practices may not implement financing or payment plans as well is because they kind of put everything on the front staff instead of the professional,” Gerhart observes. “But there is a component that requires the professional, in my opinion.” Audiologists and hearing instrument specialists are often the ones fielding initial questions and objections about cost. If they are not equipped to discuss financing, it can create a disconnect in the patient journey.

He continues, “If we’re putting all of that off on our front staff, then the patient may ask the front staff questions that they’re not educated to answer.” A collaborative approach prevents information from getting lost in translation and ensures that the patient receives consistent, accurate information at every touchpoint. When everyone from the HCP to the patient care coordinator can serve as an expert, the practice reinforces its commitment to helping patients overcome financial hurdles. “It’s really great that everyone be involved in the process so that all parties can serve as the expert to the patient and can help out where they’re needed,” he concludes.

Over all, the best approach to providing payment options is offering what meets the needs of a business and its patients, even as that may change over time. 

Featured image: Offering multiple ways to pay for hearing care allows audiology patients to choose what they are comfortable with, and can help them move forward with treatment instead of waiting to address their health needs. Photo: ID 109924853 | Healthcare © Tero Vesalainen | Dreamstime.com