Health System Cuts Bad Debt by 30% With Patient Financing Partnership

In the current market, healthcare providers are in a bind when it comes to collecting patients’ balances. With the increasing popularity of high-deductible health plans, patients owe more out-of-pocket than ever before. At the same time, patients tend to prioritize healthcare bills lower than other expenses, resulting in high A/R for healthcare organizations and increased risk of default for patients. How can healthcare providers make sure they get paid what they are owed, while still treating patients like valued customers?

Based in New Brunswick, New Jersey, Saint Peter’s University Healthcare System was looking for ways to increase collections while reducing the cost to collect—while still keeping the patient experience front and center.

“We were looking to provide our customers with an opportunity to extend their payment arrangements and we wanted to do it in a manner that didn’t cost the patient anything,” said Michael Berger, Director of Revenue Cycle.

Saint Peter’s ultimately partnered with HELP Financial Corporation to offer flexible, no-interest payment plans to its patients. Besides, HELP funded Saint Peter’s legacy in-house payment plans, providing an immediate influx of cash. HELP also conducted extensive on-site training for Saint Peter‘s team focusing on patient engagement and offering the new patient payment plans.

“They were with us every step of the way,” said Joseph Polak, manager of resource services. “A lot of business partners aren’t like that.”

For more information on HELP Financial, click here.