HOW NON-RECOURSE PATIENT FINANCING CAN HELP.
Despite all the tools currently deployed at health systems today to manage patient collections (propensity to pay scoring, patient estimates, early-out, payment plans, etc.), we’ve observed the average collection rate by hospitals of patient self-pay balances below 30%, averaging around 12%.
What this means is that out of 100% of the amount billed to patients, 88% of that balance goes on to be uncollected. And with the impact of high deductible health plans, the patient share of your hospital’s revenue is growing. Can your health system afford to let this payer class continue to go uncollected?
If your hospital or health system is struggling with reduced patient collections, you may need to consider adding patient financing to your patient payment options. In this e-book we’ll provide an overview of recent research with revenue cycle leaders on collection trends beyond the pandemic, the pros and cons of three patient financing programs, and which program could be a best fit for your hospital.