Navigating a Shifting
Payment Landscape Can payment solutions drive practice success?
With patients facing rising out-of-pocket healthcare costs, providers are seeing a greater portion of billing and revenue shift to patients vs. third-party payers. In this environment, both parties are looking for solutions to help patients get the care they need, while also ensuring that providers receive payment with minimal delay and effort.
With rising deductibles, premiums, and copays, financial responsibility for healthcare costs is shifting from insurance payers to patients. ¡
Given this trend,
it’s not surprising that physicians are also seeing a shift in their practice revenue models. A recent study of payment trends in healthcare practices revealed that nearly a third of practice revenue is billed directly to patients, and nearly 10 percent of all payments are going uncollected. The same survey showed that practices are hiring more staff to handle billing and collections, and up to a third are using external vendors to pursue post-visit balances. Physicians reported that their number one payment and billing concern was the length of time it takes to get paid by patients. ¡ ¡
Emerging payment solutions While today’s challenges related to patient payments are complicated, the solution may be simple: third- party healthcare financing. Essentially, this means offering a patient financing solution that helps pay for out-of-pocket care costs using a dedicated line of credit for health and wellness expenses. Amounts over $200 allow patients to pay over time for their larger expense using promotional financing.* Practices can receive payment quickly, decreasing the time and effort staff needs to spend on billing and collections.
Promotional financing has been a mainstay in many retail sectors (appliances, furniture, jewelry, home improvement) for decades. Within the healthcare sector, the concept is also well established, with companies like CareCredit, which has offered a patient payment solution to providers for more than 30 years. CareCredit initiated its solution in dental and veterinary and expanded into healthcare specialties with the payment shifts from payers to patients. Patients enjoy the option to pay over time for their out-of-pocket costs and providers benefit with payment in two business days, with no recourse if the patient delays payment or defaults.**
A New, Easy Way for Your Patients to Pay Online
When you join the CareCredit network, we make it easy for you to collect outstanding balances 24/7. With CareCredit’s Pay My Provider, patients can pay you online and take advantage of special financing options. There’s no extra cost and your practice will receive your own payment link that can be shared on statements, in emails, on websites, or in other digital materials—making it easier for patients to pay today.
• Use CareCredit for any bill amount. Special financing available for payments over $200*
• Custom Pay Link for your practice to collect payment 24/7 • See deposits in your bank account in two business days
*Subject to credit approval.
** Subject to the representations and warranties in the CareCredit Agreement with Participating Providers, including but not limited to only charging for services that have been completed or that will completed within 30 days of the initial charge, always obtaining the patient’s
signature on in-office applications and the cardholders’ signature on the printed receipt. ¡
Kaiser Family Foundation, “2017 Employer Health Benefits Survey,” September 19, 2017 ¡¡“Healthcare Payments Benchmark Study” December, 2017. Conducted for CareCredit by Chadwick Martin Bailey. Go to
carecredit.com/pmp to learn more.
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