Receives HFMA Peer Review Distinction for ROI Value Model
SAN DIEGO, June 22, 2015 – As a pioneer and the leading provider of consumer-friendly patient loan programs, ClearBalance® continually demonstrates innovation. Today ClearBalance announced that its proprietary ROI Value Model™ is the first to receive the Peer Reviewed by HFMA® designation in a newly created category of ROI Calculators. The ClearBalance ROI Value Model breaks new ground by establishing nationally recognized patient loan program performance standards, ensuring that health systems and their patients derive the expected benefits.
“CFOs and other healthcare leaders want alternatives to improve patient pay performance and appreciate a clear methodology to compare different options,” says ClearBalance CEO Mitch Patridge. “The ClearBalance ROI Value Model provides transparency, helping executives identify and understand their true cost of collection and the opportunity for improvement using a patient loan program.”
ClearBalance developed the model based on its nearly 25 years of best practice experience serving large, complex health systems as well as stand-alone community hospitals. As part of the HFMA Peer Review process, the tool was scrutinized by CFOs and financial analysts who deemed that the ROI Value Model provides valid operational and financial performance metrics CFOs find meaningful.
North Carolina-based Northern Hospital of Surry County began offering the ClearBalance program in 2014. “The ClearBalance ROI Value Model gave us the level playing field to evaluate our options and, going forward, the benchmark to demonstrate performance,” says Andrea Hickling, CFO.
Florida Hospital in Orlando, a ClearBalance client since 2007, has transformed its patient pay strategy from “collections to resolution.” According to Sr. Vice President of Revenue Cycle Jeff Hurst, the ClearBalance patient loan program out-performed other repayment tactics, including staff follow-up, early-out and bad debt collections, for the last three years. “The ClearBalance program has shown growth, both in new patient accounts and repayment,” Hurst said. “For many patients, having access to flexible, affordable payment options beyond ‘pay in full’ is really the new wave of consumerism. ClearBalance is integral to Florida Hospital’s strategy to enhance the patient experience by elevating our approach from one focused on collections to one focused on resolution.”
“Health systems are placing a higher priority on consumer-centric affordable care,” says ClearBalance President Bruce Haupt. “They understand that patients expect a ‘retail’ experience with zero-interest, no-fee loan programs, which we pioneered in 2005. The ClearBalance ROI Value Model is yet another example of being the first to anticipate and address a market need.”
ClearBalance partners with U.S. hospitals and health systems that want to provide consumer-centric affordable care. We are the leader in consumer-friendly patient loans, serving more than 4 million patient accounts while maintaining the industry’s highest patient loan repayment rates. Our healthcare partners successfully address the increasing cost of patient pay without sacrificing their financial performance. They can also ensure a positive experience for patients who appreciate the ability to affordably repay their direct cost of health care and come to regard the health system as their care location of choice. www.ClearBalance.org.
Peer Review designation
HFMA staff and volunteers determined that these healthcare business solutions have met specific criteria developed under the HFMA Peer Review process. HFMA does not endorse or guarantee the use of these healthcare business solutions or that any results will be obtained.