I recently read an article titled “10 things to know about healthcare collections and patient financial responsibility.” Unsurprisingly, number one on the list addressed the increase in consumer payments to healthcare providers. The article states that the number of consumer payments increased 193 percent from 2011 to 2014. Just a few years ago, healthcare providers were relying on a completely different entity for the majority of their payments. Not only are they having to revamp their payment methods to align with the preferred payment methods of consumers today, they are having to restructure their collection procedures to account for the consumer’s overwhelming inability to pay. Only 34 percent of patients in 2014 were able to pay the full amount to hospitals at the time of service. Physician practices reported only slightly higher with 44 percent of patients able to pay the full amount due. The odds of collecting payment after the point of service only decreases further.
The interesting thing though is that most these patients are willing to pay their bills; they just are not able to cover the bill all at once. The rise of high-deductible health plans coupled with the minimal amount of savings the average American has, is preventing patients from being able to pay off their medical bills in one payment at the time of service.
However, MyLoans is providing an option for these patients that are willing to pay their bills but just don’t have the cash flow. The biggest complaint that consumers have is that the MyLoans program is not available at all healthcare providers.
“I frequently receive phone calls from patients that previously have had or currently have a MyLoans loan and wish to use the program to pay for their latest medical bills from other providers. Unfortunately, I am forced to turn them away if the provider has not signed up for the program yet.”
-Jodi Hines, Bank of Colorado
With upfront payment to the providers and no cost for offering the program, providers can enable their patients to work their medical bills into manageable, monthly payments. It isn’t often that consumers put in effort to seek out payment options, so rather than discourage this behavior, find out how MyLoans can help improve your collection of patient responsibility.
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 www.myloans.co.
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 www.epicriver.com.