Patientco Launches Holiday Give Back Campaign with HealthWell
As a medical billing software provider, Patientco’s vision is to empower all patients with transparency, understanding, and control of every financial interaction with the healthcare ecosystem. We see a future where patients feel empowered to seek the care they need, rather than feel anxious or stressed about medical costs.
HealthWell: When Health Insurance Isn’t Enough
Patientco’s vision of patient financial empowerment is closely aligned with the mission of HealthWell, a non-profit organization that assists underinsured patients with their healthcare costs. To prevent patients from going without care due to cost concerns, Patientco has partnered with HealthWell for our 2020 Holiday Give Back campaign.
HealthWell provides financial assistance to adults and children facing medical hardship resulting from gaps in their insurance. These gaps in insurance cause out-of-pocket medical expenses to escalate rapidly. Since 2004, HealthWell has helped more than 500,000 patients afford essential healthcare treatments and medications. They are also recognized as one of America’s most efficient charities. For each dollar donated, 100% goes directly to patient grants and services.
For each person who views this blog by December 31, Patientco will donate $5 to HealthWell’s cause. We encourage you to share this blog and our corresponding social media posts with your networks. The more we can spread the word, the greater the impact we can make.
How can the right medical billing software help patients who may not qualify for charity care?
It’s not just uninsured and underinsured patients who are concerned about their healthcare costs. Patients with employer-based health insurance often struggle to afford even routine medical care. Since 2010, the average deductible for Americans with employer-based health insurance has increased by 111%. Meanwhile, average income has increased by only 27% in the last decade, according to this year’s KFF Employer Health Benefits Survey. In other words, patients feel the burden of rising healthcare costs, but their wages have not kept up.
Nonetheless, better medical billing software, like Patientco, can help bridge this affordability gap. Consider a solution that will allow your healthcare organization to offer a variety of online, flexible payment options. This includes self-service payment plans and pay-in-full discounts.
Medical Billing Software with Compassion at its Core
Health systems can extend compassion toward patients during financial interactions by mitigating potentially embarrassing, emotionally-charged conversations. Remove the need for a patient to call the health system directly and speak with a team member. Instead, implement medical billing software that lets patients sign up for affordable options online. Patients are often hesitant to admit they can’t afford their medical bill to a team member working at the hospital. For patients with multiple bill balances, offer combined payment plans that patients can manage online. Each month, a patient can make one payment that goes toward their total balance amount. In addition to payment plans, allow patients to schedule payments for future dates or enroll in financing options when payment plans aren’t enough.
Happy Patients, Happy Clients
Our clients’ patients appreciate our affordable payment options and often share positive feedback after making a payment, like this patient did.
“They have been terrific with working with my payment schedule. Had an emergency surgery last year which resulted in several unexpected expenses and had to set up a payment plan. Would definitely recommend their services.” – Happy Patient
Keep in mind that medical billing software should be configurable as well, based on your organization’s needs and patient population. For instance, parameters for affordable payment options should be quick and easy to adjust. By updating business rules for payment plans, Patientco has enabled multiple health systems to extend their payment plan terms in light of the pandemic. This supports lower monthly payments for their patients. For example, patients might typically pay an $800 bill in $100 increments over the span of 8 months. However, with extended payment plans, patients can pay the balance in $80 increments over the span of 10 months. Fine-tuning payment options to make them more flexible can be especially helpful during the holidays, when patients’ budgets may be tight.
Cost Should Not Be a Barrier to Care
Paying for healthcare services is oftentimes confusing and overwhelming for patients, even when we’re not dealing with a global pandemic and the subsequent economic crisis. When Patientco surveyed over 2,000 patients earlier this year, 4 out of 5 respondents said they have felt frustrated when paying for healthcare services. And that was before the pandemic. This year, COVID-19 emphasized these frustrations and as a medical billing software provider, Patientco remains focused on addressing those issues.
Patients often perceive their financial situation as a barrier to getting the clinical care they need. Therefore, addressing patients’ concerns associated with medical expenses is paramount to improving our population’s health. Solving these challenges will ensure patients get the care they need and can afford to pay, which in turn empowers healthcare organizations to continue serving their local communities.
Help us spread awareness for this important initiative and together, we can make a positive impact for both patients and healthcare providers across the U.S.