Hospital Patient Financing Programs Overview
We Take Hospitals out of the Collection Business & Take them Back into the Treating Patient Business
To meet the individual demands of Hospitals & Clinics we offer both Recourse and Non-Recourse Patient Loans as outlined below
This program is designed for Hospitals, Doctors, Clinics, Retail, any organization who needs or wants to offer financing plans.
- 100% patient/client approval/no declines
- 90% payout to providers
- no credit check
- No minimums
- No maximums
- Terms from 6 moths to 100 months
- Interest rates from 11%-however the provider receives a portion of the interest charges - so they can charge more
- every month the patient pays you get paid - great revenue stream for cash flow
- All collections and payments by company-no responsibility to provider
- NON-Recourse to all
- Can be implemented side by side with another program offering
A great program, nothing else like in the market.
Option #2: Recourse Patient Loans
- No up-front or ongoing cost to the provider
- No program fees, early payment fees or penalties to the patient
- Does not report to credit agencies for hospital-we issue a "guidance line"
- 100% of patient balance paid within 2 business days
- Low fixed rate payments to patients
- Non-US Citizens ok
- Everyone qualifies for a loan-no credit pull
- Seamless implementation with minimal change to current processes
- Improving patient account collection success with no cost
- Average recourse rate is less than 5% because banks are far more successful at collecting-less than 1.5% with auto pay
- Our 850 banks handle all payment plan servicing, proven when bank sends invoices it gets paid
- Reduces impact of high deductibles on patient’s personal cash flow
- Specialize in first-party servicing, third party collections & debt purchasing for Hospitals
- Healthcare provider training conducted at no-cost
- All patient interaction occurs through the secure Patient Lending platform
- Longer payment term maximizes patient’s ability to leverage HSA
NJHA report Hospitals spent $2.3 billion on free and discounted care for uninsured, underinsured and others without the means to pay.
Hospital bad debt has risen by 30-50% or higher
#1 Cause of Bankruptcy is medical bills, #1 cause of hospitals going out of business is nobody paying their medical bills.
Option #3: Non-Recourse Patient Loans
- We provide an online/offline process for patients to set up a payment plan pre or post service. Our plans are always interest free and specific to what the patient can afford each month. Once the patient enrolls, we make an immediate upfront payment to the hospital that is non-recourse. (if the patient does't make all of their payments, or any of their payments, the hospital keeps the funds we've sent them)
- The upfront payment is equal to the bill amount, minus a subsidy based on that patient's credit risk. If the hospital is interested we can analyze the patient population and provide a presentation on the average cost for their population.
- Once enrolled, we handle all servicing of the payment plan and the patient is off of the hospitals books forever. Patients can manage everything online.
- Due to the nature of our 0% interest financial model (interest free) we can approve a much broader range of folks than legacy medical credit card or interest bearing loan.
- Our payment plan for those who do not qualify for a direct loan, we offer a payment plan that allows the hospital to extend payments for as long as they wish-no term limit and the patient still gets a 0% interest loan.
- We are extending our terms to up to 5 years for patient loans.