Rising out-of-pocket expenses and high deductible health plans (HDHPs) cause patients who need significant dental or healthcare treatment to forego care because they don’t have the savings or income needed to cover the medical bills once they come due. The treatment is important, but cash flow rules the day.
According to a several revenue analytics companies, the cost has become a barrier to access for many patients. The report claims nearly a quarter of Baby Boomers and Gen Xers and almost a third of Millennial’s will avoid care due to the associated costs. That’s a lot of delayed treatment, and for healthcare practices, missed revenue. The CarePayUSA Patient Coverage Program gives the doctor 50% of the bill up front and offers patient’s the ability to pay their balance over 9 months at 0% interest.
CarePayUSA patient Coverage removes those barriers. The patient pays 25% at the time of service, CarePayUSA matches that amount resulting in a 50% payment to the provider up front. We use a proprietary software in association with a major Credit Bureau to determine a patient’s eligibility rather than depending on their FICO score. This results in about a 95% approval rate. Since most patients will not qualify for traditional third-party Coverage, our program allows providers to accept all patients, ensuring they receive needed care while increasing practice revenue.
This Benefits the Practice and the Patient
- No more delayed treatment.
- Better management of out-of-pocket costs.
- Smarter use of your team’s time.
- Improved cash flow.
- Reduced accounts receivable and lower risk of bad debt.
- Higher patient satisfaction.
- It’s an effective marketing tool.
We can also kick start your increased revenue by Coverage patient’s that are 60-90 days past due rather than sending them to collections.
Sign up today and put more cash in your pocket.
