I had a conversation with a local medical provider this morning and after we talked I was more sure than ever that if you're a community bank or a regional bank, the community or communities you serve need your help. Please.
The cavalcade of changes to healthcare and insurance these days is just too much for the average person to keep up with and internalize. The result is so many people with high-deductible health insurance. Insurance plans that expire or terminate without providing the policy holder with enough time to let all of their doctors and hospitals know. Policies that significantly change coverages during renewal periods or even during the plan year. These people who are "covered" by insurance generally have NO IDEA what their deductible or co-pay or coverage amounts are.
This causes billing "surprises" as in, "Woah. I had no idea we were going to have to pay so much." Without an alternative, patients in your community are turning to high interest credit cards, patient financing credit cards (with even higher penalties and interest rates after promotional periods end).
It's not up to a community bank to solve the healthcare and health insurance mess that we're in, but it is in all of our best interests for community banks to provide patient financing services to your communities so when someone has the "uh-oh" experience of an unexpected medical bill, there is an option that will be good for the patient, good for the medical provider and good for the bank.
Your community needs you. Give us a call. This isn't too good to be true. It's just a good idea and a strong product that serves a market need.
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.