Insurance plans featuring narrow networks are 16% cheaper than the alternative. That’s why HMO and EPO insurance plans are growing more and more popular with individuals and employers.
Yet the savings may not be worth the pitfalls of narrow networks.
With an increasing number of HMO and EPO patients each year, how can your hospital prepare for the narrow network trend?
I’m here to show you how with this guide to using health care loans to offset the downside of narrow networks.
Why Narrow Networks?
Narrow networks are those with fewer healthcare providers but that require patients to comply with HMO or EPO insurance requirements. That is, patients must see caregivers within their network if they want to receive coverage.
Since 2014, narrow network insurance plans have become more popular than the alternative. These plans help reduce medical costs by directing patients to low-price, in-network hospitals and physicians.
Yet the benefits don’t seem to outweigh the costs.
Patients aren’t covered at all when seeing an out-of-network provider. This is bad news for individuals with unique health conditions that require a specialist, people living in rural communities, and anyone injured while on vacation.
The loss of patient choice is also an issue with narrow networks. Patients want to see their physician of choice and have the option to seek a specialist without requiring a referral. And with HMO and EPO plans, patients don’t have that luxury.
While narrow networks are here to stay, patients who want more choice and out-of-network coverage still have a way to pay.
How Health Care Loans Can Help
Health care loans help patients pay for the care they need regardless of network requirements.
Patients with HMO and EPO insurance plans can seek the out-of-network care of their choosing. PPO and POS patients can pay off bills over time to help mitigate the impact of high monthly premiums. And even patients without insurance qualify for healthcare financing.
Epic River’s patient financing program can help hospitals meet the needs of patients on narrow network insurance plans. With no credit check required, the benefits of medical loans extend to all patients. Best of all, healthcare providers are compensated upfront and in full for services rendered.
Contact Epic River today for more information about our medical lending services.