Cost to Collect
Healthcare revenue cycle leaders work tirelessly to develop a structured and convenient payment experience for all patients with the goal to increase self-pay collection rates while remaining cost-effective. To accomplish this, many providers look to industry experts to assist with key components of their revenue cycle such as technology, collection services, patient financing, bad debt collections, and more.
While these outsourced services are vital to RCM success, each revenue cycle leader is continuing to monitor their overall cost-to-collect and making the best decisions possible for their organization and patients; identifying services that not only fit their mission and goals but also finding the right partner to increase patient satisfaction/ loyalty and decreasing staff workload. All the while, yielding the highest collection rate at the most manageable cost.
Backed by over 35 years of loan origination and servicing experience, Medfinancial’s fully funded patient financing program is making a positive impact on our provider partners and the patients we serve. By integrating our proven servicing methodologies throughout the entire patient financing lifecycle, we consistently see high utilization rates, successful patient retention (for Medfinancial and our hospital partners), and industry-leading repayment rates. Our We Care® patient financing program is truly a win-win for both hospitals and their patients.
Download our latest whitepaper to learn more about Medfinancial and how our services are making an immediate impact on healthcare providers' cost-to-collect while increasing the patient experience.