The Centers for Medicare & Medicaid Services (CMS) published a report outlining the projected national health expenditures through 2025. “From 2015 to 2025, health spending is expected to grow an average of 5.8 percent a year — 1.3 percentage points faster than the economy, measured by the gross domestic product,” according to Robert Pear in a NY Times article. The Obama Administration said, “National health spending will average more than $10,000 a person this year for the first time.”
Up until now, providers have been resistant to investigating and/or implementing financing programs because of competing priorities, bad experiences or just burying their heads in the proverbial sand hoping the problem will go away.
Now, all providers need to to take action. The patient has the dubious honor of being the third largest payer behind Medicare and Medicaid and only widening the gap to fourth place. In many cases, patients want to pay their bills (really!) but can’t afford to do it in a lump sum or even over the course of 12-24 months. Your patients simply don’t have the savings backstop, and they need a better option than their credit cards or your internal payment plan.
Luckily there are financing programs available, like MyLoans, that were the brainchild of healthcare providers that put the needs of the patient and provider first. This means your organization can provide patients payment plans with interest rates that are substantially lower than credit cards at no cost to you.
About Epic River
Since its inception in 2005, Epic River has been providing financial institutions with software and services for process and revenue improvement. MyLoans, our Patient Lending solution, partners financial institutions and healthcare providers to offer low interest loans to cover patient balances. Practices, surgery centers and hospitals get immediate funding of their patient’s outstanding balances and patients avoid financial harm.