With rising healthcare costs and the increasing prevalence of high-deductible health care plans, utilizing patient-centric payment models is critical. Third-party financing is a proven solution to help medical specialists and health systems manage increasing consumer A/R. Providing patients with additional payment options can help improve patient satisfaction, increase completion of treatment plans, and contribute to a better patient experience overall.
Benefits to the organization can also be significant, including accelerating collections (e.g., receiving payment in two business days), reducing cost and effort related to billing and payments (with these functions largely outsourced), and increasing revenue by reducing the amount of bad debt you need to write off.
Learning Objectives: • Improve the patient experience through cost transparency and additional payment options • Decrease A/R with patient-centric payment solutions • Analyze key challenges related to patient payments (covering out-of-pocket costs) and provider collections (helping patients understand and fulfill their payment obligations)