MONETIZE 100% OF PATIENT PAYMENT PLANS
The Problem – The Patients portion of the payments to healthcare providers is significant and growing. While this shift has happened nationwide, patients have no ability to cover these new expenses.
Triage Track DESCRIPTION
This program establishes a partnership between hospitals or medical groups and local banks enabling hospitals to offer low interest loans to their patients.
The goal of these loans is to allow patients to pay any responsibility in manageable, monthly installments. The hospital benefits from accelerated cash flow, offloading the management of internal payment plans and significantly improved collection success. Utilizing community banks’ and credit unions’ low cost of capital to offer a patient financing solution that does not further harm the financial well-being of the community.
PROCESS
The client provides the Triage Team with a summary of the entire patient payment/self pay receivables. With this information, the Team will work with local financial institutions to structure a program. Once the program has been defined, the monetization value with be estimated and reviewed with client management.
If accepted by management, a patient communication plan will be developed along with internal future payment plan protocols.
ANALYSIS
Our program is truly no cost to the provider. Healthcare providers receive full payment within two business days, drastically accelerating cashflow and decreasing Accounts Receivable (AR) Days. This Triage Track can have immediate and material impact on liquidity.