Even Higher Demand for Patient Loan Programs is Expected in 2015
SAN DIEGO, Jan. 22, 2015 – The increase in patients’ financial obligation for medical care hit a tipping point in 2014. As a result, more health systems turned to ClearBalance® to help patients manage their healthcare costs. The number of new hospitals and health systems using ClearBalance consumer-friendly patient loan programs has increased steadily over the past several years. Demand spiked in 2013 as hospitals sought better solutions to address the growth in patient balances and renewed their focus on patient engagement. New client adoption for the ClearBalance program doubled in 2014 compared with 2013 and included major health systems in California and Texas. Working with health systems nationwide, ClearBalance has served more than 4 million patient accounts since 1992.
“At least one in six healthcare organizations offer their community a patient loan program,” says ClearBalance CEO Mitch Patridge. “That number will increase as health systems market to consumers who shop for quality outcomes at affordable cost.”
Inpatient stays have decreased nationwide as consumers delay care due to cost constraints. To remain competitive, savvy health systems recognize that consumers are more discerning about their healthcare choices. Orlando Health, an eight-hospital health system in Florida, recently partnered with ClearBalance to augment its financial assistance services with an affordable patient loan program.
“Patients want options to manage the cost of care,” says Tom Yoesle, COO of Revenue Management for Orlando Health. “We’re in an incredibly competitive market. The ClearBalance program helps us appeal to consumers who want convenience, accessibility and affordability.”
Other health systems that selected ClearBalance as a core component of their long-term financial strategy include Memorial Health in Savannah, Ga., Charlotte Hungerford Hospital in Torrington, Conn., and Ohio Valley Medical Center in Wheeling, W. Va. Existing IDN clients Novant Health, Via Christi and Florida Hospital expanded their ClearBalance programs to other facilities and major physician groups.
“Amazon, Google and Priceline have redefined consumer behavior and expectations,” Patridge says. “Health systems should preserve revenue by making care affordable and pursue market expansion by delivering care when, where and how consumers want it and ultimately, in ways they will pay for it.”
ClearBalance is the leading provider of consumer-friendly patient loan programs to U.S. hospitals and health systems. Based in San Diego, ClearBalance has served more than 4 million patient accounts at hundreds of healthcare organizations nationwide since 1992. ClearBalance maintains the highest loan repayment rates in the industry. Our healthcare partners are able to significantly improve operating margins by increasing collections. They can also ensure a positive experience for patients who appreciate the ability to affordably repay their direct cost of health care. www.ClearBalance.org.
Contact: Laurie Heavey, VP Product & Strategic Marketing
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