As the burden of patient healthcare cost sharing continues to rise, more and more providers are carrying bad patient debt. Having bad debt not only hurts your business’ cash flow but also compromises the patient-provider relationship. To address this issue, some providers have begun collecting the patient’s responsibility before care is delivered, creating a barrier to care.
Providers shouldn’t be put in the position of having to delay care until their patients can pre-pay their share, and patients do not need the stress of having to worry about being able to pay up-front before they can receive the care they need. Partnering with Health Payment Systems will help you eliminate these problems and reduce bad debt.
The HPS Difference
At HPS, we believe that providers should only have to focus on providing quality care in a timely and fiscally responsible manner to their patients. To facilitate this, we pay providers directly for patient costs.
Here’s how it works: HPS directly pays you both the insurance portion and the patient’s out-of-pocket costs in a single electronic payment. Then, we handle payment collection with the patient. If the patient can’t afford to pay in full, HPS will put them on an interest-free financing plan. HPS currently holds $6,900,000 in interest-free financing plans, benefitting more than 2,600 members. Over the past 10 years, HPS has assumed responsibility for over $270 million in patient liability.
Taking medical bill collections off your plate eliminates the financial friction between you and your patients and removes a barrier to patients receiving care when they need it. You receive payment for services rendered without having to chase down payments.
Other Ways HPS Helps Your Patients (And You)
When your patients have a better way to manage their medical billing, they are empowered to take control of their healthcare. Nearly 1 in 4 Americans forego treatment because of the cost. HPS helps to remove that barrier with simplified medical billing. Patients don’t have to pay upfront for elective procedures, making it more likely they will seek and accept treatment.
HPS’ unique billing model also drives new patients your way. Our members receive a SuperEOBⓇ, one consolidated statement billing them for all HPS providers they and their families have seen during the month. When you join the HPS independent provider network, HPS members will prefer to visit providers like you to simplify their medical billing because only HPS-contracted providers appear on the SuperEOB and are eligible for interest-free financing.
In a recent member survey, 81% of members found the current health care billing system confusing; 91% said the SuperEOB helped them better understand what they owed and 93% said it was a better way to pay. HPS and the SuperEOB has a net promoter score of 75, while the health insurance industry overall is rated at 13 (Satmetrix, 2018).
Improve Your Patient’s Financial Health with HPS
By joining the HPS independent provider network, you’ll not only avoid medical bill collections and bad patient debt but also attract new patients and improve patient relationships. Contact us to learn more about how you can join HPS.