Read our free white paper to find out how your organization can use payment plans to accelerate patient revenue.
Patients Can’t Afford Their Healthcare Bills:
In a recent Bankrate survey, 61% of Americans said they wouldn’t be able to pay an unexpected $1,000 bill without borrowing money or selling personal possessions. Health systems have to increasingly rely on patient payments, because the average medical deductible is nearly twice that amount! But how can providers avoid bad debt if many patients can’t afford to pay?
How to Help:
Revenue cycle leaders often assume that if they offer flexible payment options, patients will be less likely to pay-in-full. Also, they assume that in turn, their net patient revenue will slow. It turns out, this assumption is wrong. After rigorous testing, Patientco’s data science team discovered that giving patients the option to pay over time (via smart payment prompts) accelerates patient payments, boosts patient satisfaction, and also may even slightly increase pay-in-full rates.