February 23, 2021

Patient Portals with Multiple Financing Partners Make It Easy for Patients Who Truly Need Financial Help

Achieving revenue management goals has become extra challenging in our current times. Many patients are struggling financially due to job losses, furloughs or low underemployment benefits that barely allow them to pay their rent and buy food. At the same time, many others have been unaffected by economic setbacks and are doing fine, or even thriving.

How do you know who is who and, most importantly, how to respond in appropriate ways?

Partnerships with portal vendors who integrate with multiple financing partners make it easy to seamlessly offer financing to patients that qualify. Some financing partners even assume default risk if a patient is not able to satisfy the full payment amount. This allows providers to expand patient outcomes beyond pay-in-full, payment plan, and financial assistance/charity options.

By properly identifying and seamlessly connecting struggling patients early in their financial journeys to the right payment option, providers can reduce write-offs. It begins with analytics to determine a patient’s propensity to pay, and each provider’s unique payment criteria, which ensures that providers are engaging with the right patients.

Selected patients then can be automatically connected with financing companies to begin the financing process with a trusted financial provider already integrated within the portal. With a non-recourse financing model, providers eliminate their financial risk so their time and attention can remain squarely where it should: providing patient care and maintaining a healthy patient-provider relationship.

Best of all, patients who need longer to pay can still meet their financial obligations without providers having to wait or write off these amounts as bad debt. An uninterrupted financial journey empowers patients to address financial obligations with needed tools and resources, leading to higher receivables and fewer write-offs for healthcare providers.