Healthcare Finance Series: The Proactive Practice- Part IV
The healthcare industry is primarily reactive by design. Once experiencing symptoms, patients see a provider, receive a diagnosis, and are then treated. After treatment, that provider is paid for the services and measured on a solely reactive performance. But with the rising cost of healthcare inhibiting patients’ ability to pay large out-of-pocket expenses, healthcare organizations are losing a key component to financial stability, revenue. Because no organization can anticipate every possibility, being proactive in all scenarios may be nearly impossible. However, providers that implement a proactive patient finance strategy to combat the financial liability shifting to patients will be able to take control of their self-pay strategies and benefit from increased cash flow.
Patients have already started adopting a proactive role in their care, expecting more information on pricing and payment options. With the demand for patient payment options, proactive providers need to implement a payment options strategy to meet the increasing demand. Innovations, technological advancements, changing consumer perceptions, and patient needs contribute to opportunities to strengthen and grow revenue.
Unfortunately, the reality is that U.S. healthcare organizations lose revenue each day as patient deductibles and out-of-pocket expenses add up. One major challenge is when patients receive care, but default on traditional payments or payment plans, and even with financial assistance or other resources, most health systems continue to see an increase in AR days and a reduction in cash-on-hand.
So how do health systems take a proactive approach to address patient payment demands while maintaining fiscally responsible self-pay revenue cycle strategies? It starts with CURAE™.
Curae™, a healthcare-focused financial technology company provides access to flexible patient payment options within your health organization. Believing that everyone should have the option to receive optimal healthcare, Curae™ leverages modern technology to efficiently provide access to healthcare for patients who may be struggling with high deductibles or other costs. Providers benefit from the non-recourse platform with funding within 24-48 hours. Recognizing the mutual financial stress put on the patient to pay large sums of out-of-pocket expenses and the provider to collect the ever-increasing self-pay responsibility, Curae™ has created the ideal blend for U.S. health systems.
Providers now can become proactive offering a revolving line of credit for patients exclusive to their Health System.
Some of the benefits for providers include:
- Reduced AR days
- Increased cash
- Reduction in accounts sent to bad debt,
- Increased patient satisfaction with the billing process
In addition to these benefits, providers can take advantage of Curae’s automated processes designed exclusively for large system networks. With Curae™, a comprehensive financing option is available to patients, including those with less than optimal credit scores who prove to be most vulnerable to higher self-pay costs.
Some of the benefits for patients include:
- No application fees or prepayment penalties
- No impact on credit score to apply and view offers
- Convenient and secure mobile payment options
- Affordable monthly payments and extended-term plans, and
- A mobile-first user-friendly account center.
The opportunity to become proactive and offer a unique patient-friendly financing solution tailored to meet your health organization’s revenue cycle objectives is here. Implement a forward-thinking solution tailored around the goal of creating value-based care with customers at the center of the healthcare experience. Patient self-pay responsibility is only continuing to increase; with Curae™, providers can help patients meet their out-of-pocket expenses by offering a flexible financial solution.
To find out if Curae™ is right for your organization or to learn more, please contact us here.