More Health Systems Turn to ClearBalance Patient Financing
SAN DIEGO, June 4, 2018 – Maximizing patient reimbursement is a No. 1 priority, according to 57 percent of health system leaders responding to a patient pay trends survey by Vantedge Research and ClearBalance®. And 54 percent regard patient loyalty as important to solidifying future market share. As a result, more hospitals and health systems are turning to ClearBalance for patient financing and patient pay management solutions. The leader in consumer-friendly patient financing for 26 years, ClearBalance has added at least one new healthcare provider to its client ranks each month for the last six months. Several more health systems are poised to begin offering ClearBalance zero-interest patient financing this summer and some existing clients continue to expand their use of ClearBalance to newly acquired hospitals and facilities.
“We’ve transitioned from early adopter and fast-follower organizations to now most health system leaders understand that patient pay is a critical component of reimbursement,” says ClearBalance CEO Bruce Haupt. “We operate in a two-payer market where self-pay collections makes up the difference for margin declines in commercial and government compensation.”
New ClearBalance partners represent leading hospitals, health systems, academic institutions and medical practices from across the country. They join the ranks of nearly 900 healthcare facilities that rely on ClearBalance for a patient experience that reinforces the idea of affordable care and sets the stage for consumer loyalty. In just a few short months, one healthcare organization in the Northeast has made a difference in its community, using the ClearBalance program to fund more than $1 million to cover patient pay obligations that otherwise might have gone to bad debt.
“Comparing our patient pay research in 2014 with our latest findings clearly maps the demand for healthcare affordability, the need to reduce bad debt and the evolution of patient pay from isolated instance to a tipping point where it’s fundamental to healthcare reimbursement,” Haupt says.
ClearBalance has been at the forefront of patient pay management since 1992, setting and delivering a high bar for patient financing solutions, patient pay reimbursement, revenue cycle IT expertise and the patient/consumer experience. Recognizing the trend toward healthcare consumerism, ClearBalance was the first to advise providers to replace their low-interest loans with a zero-interest loan program that would encourage more patients to repay their cost of care. The patient experience is further improved because their charges from across a health system can be combined into one monthly statement. ClearBalance also introduced the first and only HFMA Peer Reviewed ROI Value Model™, which identifies a providers’ cost to collect patient pay and sets nationally recognized benchmarks for a long-term financing alternative. Clearbalance.org