Why do hospitals need this?
- Patients are on the hook for a larger portion of collection
- Providers attempt to provide internal payment plans to pay over time
- Management of internal payment plans is costly and inefficient
- A/R days increase, cash is being delayed, and accounts are going to bad debt further down the road than needed
- Legacy system patient accounts receivable become more tedious with a new EMR
An innovative program is now available that funds and manages existing patient account receivables or legacy accounts.
It converts the day-to-day billing, collecting and patient communications for existing patient accounts into immediate cash, reducing A/R days and making more time available for the daily functions of the business office.
This conversion method means a clean slate to change a payment policy approach, or tweak it to become more manageable.
The conversion program is explored in a case study of 5 providers and how the program benefitted their facilities.
Lakeland Health System remembers life before implementing the program, “We did patient financing, but it wasn’t optimal,” said chief financial officer Timothy Calhoun. “That’s not the fault of our people. We just didn’t have the right software or tools. That’s not the business we’re in.”
View the case study to learn the benefits each of the 5 providers experienced in the program.
What those who've taken advantage of the program have to say.
"We can give patients a new solution depending on their ability to pay. The interest-free loan for the first 12 months is a good incentive for them to pay it off quicker."
Deborah Piggott - DIRECTOR OF REVENUE CYCLE
“We were really looking for a good option for our patient payment plans that didn’t involve us having to manage them internally. We also wanted to make sure that it was really fair for patients.”
Victoria Morgan - DIRECTOR OF REVENUE CYCLE
Discover how providers are cashing in payment plans and getting out of the business of banking
One provider realized, “We did patient financing, but it wasn’t optimal,” said chief financial officer Timothy Calhoun. “That’s not the fault of our people. We just didn’t have the right software or tools. That’s not the business we’re in.”
View the case study and discover a better option.