The Healthcare Financial Management Association (HFMA) has a bold tag line:
The Healthcare Financial Management Association can help you change the world of healthcare finance.
While bold, this tagline helped the Epic River team to realize there was no better organization in which to pledge support and participation. We are confident that our MyLoans Patient Account Financing™ solution will revolutionize collections of patient responsibility – ever increasing deductibles and coinsurance. Our belief in MyLoans may seem equally bold, but like HFMA there is a reason we’re so confident.
Our solution enables a seamless financing opportunity hosted by local banks and facilitated by healthcare providers. The result is patients are positioned to successfully remit their medical bills in much more manageable installments and the healthcare provider is paid up front. Where MyLoans has been rolled out, the impact has been dramatic. Recovery of patient responsibility has jumped on average from a meager 45% to over 80%.
Interest rates on these loans are extremely competitive and, in some instances, have been absorbed by the providers to ease the burden on their patients. This presents an obvious win for both parties. Patient satisfaction sky rockets and providers are still able to significantly outpace historical patient responsibility recovery rates.
Why has MyLoans had such a dramatic impact on the success rate of collecting patient responsibility? It has to do with the hierarchy of how people prioritize their expenses – banks first, healthcare providers last. Since MyLoans converts patients bills to bank loans, they jump to the top of the hierarchy.
“HFMA is the nation’s premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today.” In light of ACA, there arguably is no greater challenge than the rising cost of patient responsibility.
Epic River is based in Loveland, CO so it seemed logical that our first HFMA event would be the Great Fall Rural Conference – Hotel Colorado, Glenwood Springs, CO being held September 23rd – 25th, 2015. If you plan to attend, please come see us.