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In the ever-evolving terrain of patient financing, ClearBalance Healthcare remains a beacon, illuminating the path for patient-centric financial solutions. One shining testament to this commitment is their successful partnership with Mayo Clinic, a world leader in healthcare services.
A Shared Vision, A Perfect Match
Mayo Clinic was seeking a feasible way to overcome the significant challenges associated with in-house patient collections. High out-of-pocket costs and constricting 12-month payment plans were adding undue burden on both patients and Mayo Clinic’s internal teams. ClearBalance Healthcare, with its vast portfolio of partners and proven success with other significant players in the healthcare landscape, emerged as the ideal solution.
An Innovative Approach, A Seamless Integration
ClearBalance Healthcare’s patient financing programs were incorporated into Mayo Clinic’s healthcare system, notably their EPIC system, creating a streamlined process for both staff and patients. ClearBalance took over non-standard plans, offering flexible financing options up to 60 months. This was a transformative shift from Mayo’s initial 12-month limit on plans.
A Collaboration That Elevates Patient Care at Mayo Clinic
The partnership between ClearBalance and Mayo Clinic has forged a path to noteworthy achievements in both financial performance and patient satisfaction. The integration of ClearBalance’s financing solutions into Mayo Clinic’s operations has not only improved collection rates and reduced the accounts receivable on the balance sheet but has also significantly enhanced the patient experience. Patients now have access to longer-term, zero-interest payment plans, enabling them to manage their healthcare expenses more effortlessly and without financial strain. This initiative has served to alleviate the financial concerns of patients while simultaneously lightening the administrative load on Mayo Clinic’s internal staff. The true testament to the success of this collaboration lies in the patient satisfaction metrics, with a remarkable uptake of ClearBalance’s programs through patients’ utilization of their MyChart accounts—a clear indicator of the positive impact on the patient experience facilitated by this partnership.
The Impact: Improved Collection Rates and Reduced Financial Stress
The collaboration between ClearBalance Healthcare and Mayo Clinic transcends beyond a mere business partnership – it’s a testament to the transformative potential of patient-centric financing strategies. This synergy has yielded immediate and profound results.
- Since October 2021, Mayo Clinic has transferred all patient balance accounts over $1,500 to ClearBalance.
- Remarkably, ClearBalance began collecting at an impressive rate of 92%
- This efficient collection strategy has played a pivotal role in funding over $73 Million to Mayo Clinic, substantially reducing the organization’s balance sheet accounts receivable (AR).
This successful financial turnaround not only underscores the efficacy of ClearBalance’s solutions but also illustrates Mayo Clinic’s commitment to alleviating patient financial stress and providing accessible healthcare services.
Beyond the Numbers: A Partnership for Better Healthcare
The ClearBalance-Mayo Clinic partnership is a perfect match, with shared values of innovation, commitment to patients’ well-being, and a mission to transform the healthcare landscape. This union has resulted in a tangible improvement in Mayo Clinic’s financial stability and patient experience. With efficient collections and flexible payment options, patients can focus on their health without the added burden of financial stress. At the same time, Mayo Clinic can continue to provide high-quality care while also prioritizing financial sustainability. It is a win-win situation for all involved and sets a precedent for other healthcare organizations to follow suit in implementing patient-centric financing solutions.
“Partnering with ClearBalance Healthcare has not only met but far exceeded our expectations,” stated Sharon Kelly, Chair of Revenue Cycle for Mayo Clinic. “The value we’ve found in this partnership transcends conventional metrics. It is a testament to the innovation that happens when two organizations, united by a commitment to revolutionize patient financing, come together. ClearBalance’s patient-centric approach and pioneering finance solutions have been integral in enhancing our patient satisfaction and financial performance. This collaborative success story is proof that with the right partnership, the possibilities in healthcare are truly limitless.”
The initiative has served to alleviate the financial concerns of patients while simultaneously lightening the administrative load on Mayo Clinic’s internal staff. The true testament to the success of this collaboration lies in the patient satisfaction metrics, with a remarkable uptake of ClearBalance’s programs through patients’ utilization of their MyChart accounts—a clear indicator of the positive impact on the patient experience facilitated by this partnership.