Welcome to “Pain Points,” a newsletter from Solvent Networks intended to discuss the problems that keep hospital leaders up at night and inform them about programs, services and products offered by our partner companies that can help. We tackle pain points and present ready-to-deploy solutions.
Writing off bad debt when patients can’t pay their bills.
A patient financing solution that includes a strong (key) focus on program management.
Several trends are forcing healthcare providers to establish or expand patient financing programs. Patients are shouldering greater financial responsibility of healthcare costs. At the same time, providers are facing tighter operating margins and diminished cashflow. Patient financing program can help providers respond to these challenges in two critical ways.
First, patients expect convenient and easy payment options. Health Services Financing (HSF®), by CommerceHealthcare®, enables providers to offer patients a no- or low-interest line of credit. The program can extend patients a credit line up to $50,000, without the need for credit checks or time-consuming paperwork. Since all patients can qualify, healthcare providers do not need to screen and select patients in advance.
The program is supported by five fundamental foundations:
- The financial strength of a leading bank.
- Deep healthcare industry experience.
- Dedicated healthcare bankers.
- Single-vendor responsibility.
- Patients and staff can manage HSF® accounts remotely.
Second, healthcare providers need a patient financing solution that includes a strong focus on program management. HSF® meets this need while also delivering a scalable patient payment experience.
- Implementation requires minimal support from internal resources and staff
- The program integrates seamlessly with patient management and revenue cycle systems
- Highly trained customer service personnel manage ongoing administration, billing, and patient inquiries
- Regular reporting and ongoing surveillance ensure program excellence
- Should an account default, Commerce refunds transaction fees
- Patients can enroll for loans in person, over the phone or through an online self-service portal
So if you’re looking for a way to boost cash flow, prevent revenue leakage, and improve patient satisfaction, HSF® can be a viable option. Contact Brian Newbern, VP, Patient Finance at CommerceHealthcare® at 919.608.2930 or reach out to Kristin Hill at Solvent Networks to arrange a meeting.
CommerceHealthcare® solutions are provided by Commerce Bank.
As a division of the South Carolina Hospital Association, we understand the hospital business. Our ready-to-deploy solutions for your workforce, financial, operational and compliance needs can save money on your bottom line – or generate revenue that you can re-invest in improving healthcare for the people of South Carolina. For more information, visit Solvent Networks, follow us on LinkedIn or watch HERE. Access your network today.