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Patient financing has become a pivotal factor in determining how hospitals interact with their patients. Among those leading these innovations is ClearBalance. Our recent collaboration with a large, integrated healthcare system in the Midwest US marks a significant milestone in advancing patient financing, with tremendous implications for the local community. This system offers a comprehensive range of healthcare services from emergency care to specialized treatments like orthopedics and oncology. It also supports a vast network of primary and specialty care providers, providing extensive regional coverage. Their commitment extends beyond immediate care, encompassing long-term care, home health care, and hospice services, along with specialty centers dedicated to cancer care.
Initially, this healthcare system faced challenges with their long-running interest-bearing financing program, which was set at 9.99% APR. The high-interest rate continuously led to low patient adoption and increased default rates, making a patient financing program change essential to the short and long-term health of the system. Recognizing the need for a compassionate and fair solution, they trusted ClearBalance to overhaul their approach to patient financing. Our guiding principle is that everyone, regardless of their background or ability to pay, deserves access to equitable programming that enables them to repay their actual medical expenses, with no additional interest or costs.
Local Community Challenges Impacting Patient Payment Ability
Serving primarily rural communities in multiple states, not unlike many rural hospitals throughout the US, this healthcare system faces a range of local challenges that significantly impact patients’ ability to pay for medical care. These rural areas have lower average household incomes, making it more difficult for residents to manage healthcare expenses, especially when unexpected medical emergencies arise. Additionally, employment opportunities in these regions are, at times, limited or seasonal, leading to fluctuating income levels and financial instability for many families. There is also a lack of adequate public transportation infrastructure, which can add logistical and financial burdens for patients needing to travel to healthcare facilities for treatment. Furthermore, the prevalence of chronic health conditions, often higher in rural populations due to limited access to preventive care and health education, exacerbates the financial strain of ongoing medical expenses. These cumulative factors create a landscape where many community members struggle to afford care without accruing debt, underscoring the necessity of a zero-interest financing solution like that offered by ClearBalance.
“At ClearBalance, we’re dedicated to reducing financial barriers and transforming patient experiences through innovative financing solutions,” states Tom Cook, Senior Vice President, New Business Development. “Our mission is to ensure that every patient has access to the care they need without the worry of financial strain.”
Results
The strategic decision to transition to an interest-free patient financing program has proven to be a game-changer for their financial wellness. ClearBalance played a crucial role in guiding them through this transformation while navigating various implementation changes. The results of this investment and program transformation have been remarkable:
- The healthcare system is now experiencing a collection rate of 97%, marking an improvement of nearly 15% from the previous interest-bearing program.
- Additionally, the new program has provided an 8-time (8x) reduction in bad debt, amounting to a nearly $4 Million reduction annually.
- The program has garnered the highest patient satisfaction rates within the industry, with 99.9% of enrolled patients highly satisfied with this new program.
“In implementing this transformative program, we’ve seen a direct impact not only to patient satisfaction but to our total financial operations,” says Vince Koch, Senior Vice President at ClearBalance Healthcare. “ClearBalance was able to provide a stronger financial value at an overall lower expense, allowing resources to be reallocated to patient care rather than cost to collect payment, significantly enhancing the efficiency and efficacy of patient financing.”
The success of this program is further illustrated through system administration and patient feedback, highlighting the benefits of the interest-free program.
Looking to the future, we at ClearBalance are poised to extend our innovative financial solutions to other rural healthcare systems, paving the way for broader access to patient-centered financing options. This collaborative effort underscores our shared commitment to patient-focused solutions, setting a precedent for others to follow.
About ClearBalance Healthcare
At ClearBalance Healthcare, we understand that health and wellness extend beyond clinical care to include the financial well-being of our patients. We are revolutionizing patient financing engagement ensuring patients feel supported not only in managing their expenses but also in navigating the complexities of healthcare finance. Through innovation, compassion, and unwavering commitment, we aim to deliver an exceptional and thorough financial experience, reinforcing our role as compassionate allies in our patients’ health journeys. Excellence in patient financing is just the beginning; our true mission is to empower patients, foster financial confidence, and contribute to a healthier, more informed community.
Advancing Healthcare. Engaging Patients.