Sept. 6, 2016 — At a time when many hospitals are reporting a rise in bad debt, North Carolina-based Novant Health is managing to keep bad debt in check. The health system has experienced many other positives since implementing the ClearBalance® consumer-friendly patient loan program at its 12-hospital system.Writing in Modern Healthcare, Beth Kutscher reported that Novant Health moved from offering patients a payment plan with a 12% interest rate to the ClearBalance zero-interest program with flexible repayment terms. The solution combines with Novant’s cost estimation tool so that patients have a good idea of how much they will owe before they receive healthcare services. “That’s much more enticing to our patients,” Melanie Wilson, Novant Health’s vice president of revenue cycle, told Kutscher.
The Modern Healthcare article states that, since the program began, Novant Health’s default rate has fallen from 30% to less than 17%, and the system has increased cash collections by 15%.
Novant Health is just one of many health systems and physician groups working with ClearBalance to offer zero-interest lines of credit. Novant Health recognizes the importance of making healthcare affordable so its patients can lead happy lives. This positive patient experience puts them in the right frame of mind to repay direct healthcare costs. A ClearBalance consumer-friendly patient loan is a win-win.