Source: InstaMed

The shift to higher percentages of healthcare providers’ revenue being dependent on patient responsibility has resulted in the continual effort to collect payment at time of service. The ability to collect patient payment after the time of service decreases drastically. While providers are searching for ways to improve their patient responsibility collection success, they are still trying to be cognizant of the effects each payment option has on patients. The provider is there to take care of the patient medically, but they also do not want to harm the patient financially.

Many providers will offer the patient a payment plan if they agree to put their credit card on file. According to InstaMed, in 2014, 85 percent of patient payments were made using a credit card and this continues to trend up. While this option satisfies the need for the provider to collect payment for their services and it may not seem detrimental to the patient financially, unless the patient is able to pay off the balance by the end of the month, the patient can end up in a much worse financial state.

Since 62% of Americans have less than $1,000 in savings and the average deductible for single coverage under a high-deductible health plan is around twice that, the majority of Americans will not be able to pay off the credit card used to cover medical bills before incurring interest. With the national average credit card rate at 15.16% as of March 15, 2016, according to, that “zero-interest payment plan” offered to the patient will actually incur a 15.16% interest rate on average.

The MyLoans product was designed to enable healthcare providers to offer their patients a payment option that will not punish the patient for needing assistance. The program allows the patient to roll their bills into manageable, monthly payments at a fair and unchanging interest rate, all while the provider is paid in full, upfront. Since patients can work these payments into their monthly budgets, as opposed to using credit cards, the patients have the ability to utilize pre-tax contributions to a health-savings account (HSA) to make the payments. They do not have to worry about having a fully-funded HSA; instead they can contribute the monthly payment to the HSA and then pay the bill from there. The tax savings alone will more than offset the already low interest rate through MyLoans™.

About MyLoans™

By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer patient financing for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit

About Epic River, LLC
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit