PwC Spotlights CarePayment’s Innovative Patient Payment Programs for the New Health Economy

Health Research Institute report calls for structural changes to patient billing and payment systems to decrease bad debt and increase patient collections, satisfaction

PORTLAND, Ore.--(BUSINESS WIRE)-- For the second time in six months, CarePayment has been singled out by a leading policy think tank for its compelling, market-based approach that helps patients pay medical bills and healthcare providers reduce bad debt. The leader in the emerging field of patient financial engagement, CarePayment features flexible, affordable credit lines at 0.00% APR for the life of the account with no hidden fees or impact on consumer credit reports.

With patients paying a much greater share of medical costs due to high deductibles and other rising out-of-pocket expenses, the just-released report “Money Matters: Billing and Payment for a New Health Economy” from PwC’s Health Research Institute calls for a structural overhaul of patient billing and payment systems built on four new strategies: accelerating the move to digital, multiplying payment options, embracing simplicity and sidestepping claims. In the report, PwC profiles CarePayment’s business model “to improve patient financial engagement upfront by understanding the needs of each individual and offering them an affordable payment option. Doing this part well can enhance patient satisfaction and decrease bad debt.”

In fact, when the CarePayment program is presented as a payment option up front, CarePayment decreases bad debt an average of 76% for providers while strengthening patient relationships. A 2014 survey of 400 CarePayment accountholders found 88% became more satisfied with their provider and 86% were more likely to recommend their provider because they sponsored CarePayment’s patient financing. A full 93% said they were satisfied with the billing experience after using CarePayment, a sharp contrast to PwC’s findings: Of 1,000 U.S. adults surveyed for its report, 25% of consumers in fair or poor health said billing damaged their view of a hospital.

“In the new healthcare economy, people expect more convenience, more choice and more payment options, just as they have when making other consumer purchases,” said Craig Hodges, CarePayment CEO. “When it comes to healthcare financing, though, it’s not just a matter of want but of need. Already, one out of every three Americans is skipping essential care because they can’t afford it. If providers want to engage patients clinically to improve health outcomes and lower costs, they first must engage them financially.”

The Aspen Institute also recently showcased CarePayment as a model for solving the growing economic and societal problem of unaffordable care. According to the case study, CarePayment identified a market need and “a win-win solution to overcome it, helping moderate- and lower-income families straining to pay medical costs not covered by insurance.”

CarePayment is not a debt collector nor does it provide credit cards. It works with hospitals, physician practices and other healthcare organizations, including Beacon Health, Dekalb Medical, and Holston Medical Group, to feature affordable credit lines that remove financial barriers to care at more than 700 medical facilities nationwide.

In keeping with its patient-friendly focus, CarePayment can help providers address all four patient billing and payment strategies identified by PwC. Its payment programs allow hospitals and medical groups to expand payment options to patients with balances before meeting their deductibles and after insurance covers its portion as well as to anyone who chooses to sidestep the claims process. Moreover, CarePayment offers lots of easy-to-use digital options, from automatic payments and mobile and online account management to electronic statements. For providers that feature CarePayment at multiple locations, CarePayment also consolidates charges into one simple-to-understand patient statement.

About CarePayment

Headquartered in Lake Oswego, Oregon, CarePayment is a patient financial engagement company that accelerates provider transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment 0.00% APR payment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at http://www.carepayment.com.

Padovani Communications, Inc.

Lois Padovani, 630-241-1430

[email protected]

Source: CarePayment