PORTLAND, Ore.--(BUSINESS WIRE)--CarePayment®, a leading national provider of patient financing, saw rapid growth in the first half of 2013, adding more than 60 medical facilities. Offered by more than 130 hospitals, physician practices and ancillary service providers, CarePayment’s flexible and affordable patient payment programs are now available in all 50 states.
“We think it’s a great solution for the public, and it also meets the needs of the hospital as it continues to provide high quality care”
CarePayment’s patient financing programs, which are co-branded with each of its partners, address the increasing financial threat to providers from rising bad debt and help patients who may be struggling with their sharply increasing share of medical costs. In the past six years, employee out-of-pocket and payroll costs for healthcare have risen 82%, to an average of $5,000 a year, according to Aon Hewitt. Similarly, bad debt now accounts for more than 2% of the total cost of services for 86% of medical institutions, according to a 2012 TransUnion Healthcare Survey.
CarePayment has adapted proven tools and methodologies from retail and other consumer industries to healthcare financing, making the process more patient friendly and effective. By offering 0% annual percentage rate credit lines for up to 72 months, online access, automatic payment and other consumer-friendly choices, CarePayment provides convenient and flexible options for patients who are demanding better service and value from providers as they pay a greater share of their medical bills. In fact, 71% of patients would prefer a monthly payment plan and 72% would like to pay online, according to InstaMed’s 2012 Trends in Healthcare Payments Annual Report.
For hospitals, physicians and ancillary service providers, CarePayment’s programs help build patient satisfaction and loyalty while delivering immediate and ongoing financial improvement. Attracted by the easy-to-use payment program for patients regardless of insurance coverage, credit history or employment, Beacon Health System introduced CarePayment at its Elkhart General Hospital in Indiana earlier this year. “We think it’s a great solution for the public, and it also meets the needs of the hospital as it continues to provide high quality care,” explains Jeff Costello, Beacon Health’s chief financial officer.
“Lack of money to pay for medical bills and medications is consistently the top financial concern for Americans,” according to Consumer Reports. ”People are delaying or forgoing care, possibly leading to even bigger medical expenses later, while uncompensated care hurts providers’ ability to fulfill their mission of improving community health and patient outcomes,” says Craig Froude, CarePayment CEO. “We are dedicated to helping providers and patients find ways to make care affordable and accessible.”
Even as providers strive to offer more payment options, they may unknowingly be exposing themselves to increasing levels of regulations, risk and potential penalty as regulators, state’s attorneys and others bring greater scrutiny to patient collections. As the trusted leader in patient financing, CarePayment ensures that providers comply with the growing thicket of consumer credit laws and regulations while protecting patient privacy.
Headquartered in Lake Oswego, Oregon, CarePayment provides flexible healthcare finance solutions that improve financial performance for healthcare providers, increase patient satisfaction and loyalty, and are fully compliant with applicable state and federal consumer credit laws. The 0.0% APR payment program requires no application, has no impact on credit score, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT.