Healthcare Loan Program Helps Create Captured Consumer
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Loan program keeps patients loyal (Graphic: Business Wire)
“During the last few years many health systems experienced an increase in volume as we worked through the wave of newly insured created by the Affordable Care Act,” says ClearBalance president and CEO
While healthcare reform continues to play out in
“Consumers expect quite a bit from hospitals for their clinical and financial needs,” says
The Healthcare Consumerism study measures awareness, use of, satisfaction and loyalty with the ClearBalance consumer-friendly loan program. It also quantifies patients’ perceptions of healthcare providers that offer affordable financing for medical care. Now in its third year, the Healthcare Consumerism study was completed by more than 4,000 participants in August. The study was administered by
- Study respondents are loyal and strong promoters of the ClearBalance program and the healthcare organizations that offer the long-term payment option
- Most respondents (74 percent) have health insurance provided through their employer
- The patient’s cost of care is an important variable when consumers make decisions about healthcare:
- 73 percent of survey respondents say they ask their healthcare provider what they will owe
- 92 percent say healthcare is an expense that requires financing of more than 12 months
- 32 percent – one-third – will delay care if a loan program isn’t available
- 47 percent prefer to communicate with a healthcare provider via telephone when discussing their cost of care
About ClearBalance
ClearBalance partners with health systems to provide consumer-centric affordable care while improving net recovery of patient pay and overall financial performance. We have served more than 4.5 million patient accounts and maintain the industry’s highest patient loan repayment rate. Our program enables patients to easily pay their medical costs and engenders loyalty, positioning the health system as the care location of choice in its community. The ClearBalance ROI Value Model™, Peer Reviewed by HFMA, establishes nationally recognized patient loan program performance standards to benefit health systems and their patients. www.ClearBalance.org.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170919006014/en/
ClearBalance
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Source: ClearBalance
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