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Cultivating Cash Flow with Payment Plans in a COVID-19 Environment

In conjunction with Marcus Evans, we are launching a new webinar series outlining provider complexities in our current COIVD-19 environment. Hear from leaders in the healthcare industry about the challenges they are facing and the strategies they are implementing to adapt. Register for the first installment in our series below or visit us on LinkedIn!

Give your patients another option...

The WE CARE® and WE CARE Plus Patient Payment Programs are designed with the patient, the provider and the community at the forefront. Medfinancial will build a partnership that begins with a strong awareness of the importance of patient engagement.

Providers can improve cash flow and reduce costs by offering patients a more convenient and reliable way to manage their self-pay medical expenses.

Providers struggle with managing and collecting the self-pay portion of patients' healthcare bills.

At the time of service or during financial clearance, instead of asking patients to select either "pay upfront" or "bill me later" for out-of-pocket expenses, provider registrars can introduce patients to a third financing option, the WE CARE Patient Payment Program. By partnering with Medfinancial, providers can offer patients a convenient, stress-free way to finance their out-of-pocket medical expenses with greater peace of mind.

Today, consumers are responsible for a much greater share of their healthcare costs, paying higher deductibles than ever before. As a result, providers struggle with managing and collecting the self-pay portion of patients' healthcare bills.

Maintaining and improving cash and liquidity levels in healthcare takes on increased importance for numerous reasons, including:

A/R - Key Performance Indicators
Once established, we collect > 95% of all payment arrangements on average
Sustaining Day-to-Day Operations
Working Capital Related to Reimbursement
Capital Needs
Business Unit Funding
Maintaining Debt Service Covenants
Your Patient's Credit Score Improvement

Wondering if we could be a good fit for your hospital or care service? Send Us an Email.

Let us help YOUR patients and your KPI's because WE CARE.

WE CARE Payment Programs

WE CARE is the program with upfront funding to the providers for patients and families with cumulative balances over $500 and a minimum payment requirement. WE CARE is the program with upfront funding to the providers for patients with cumulative balances over $500 and a minimum payment requirement.

Eligibility

Patients at a participating provider
All patients are accepted into the WE CARE Patient Payment Program

Limits

Patient cumulative balances from $500 - $15,000*
Maximum aggregate limit of $15,000*

*over $15,000 requires additional approval

No income or credit check required

Repayment

No prepayment penalties
A simple and easy to read consolidated statement for all visits and family members.
Access to a patient portal for account activation, review and electronic payments.
Experienced Medfinancial Financial Advocates to answer any questions Monday through Thursday, 8:00 a.m. to 8:30 p.m. EST, and 8:00 a.m. to 6:00 p.m. EST on Friday.

Interest Rate

The 12-month repayment plan is guaranteed interest free for all patients
Depending upon your choice you can offer your patients zero interest plans for 24, 36, 48 and 60 months or have the low rate of 8.25% APR.

WE CARE Plus

WE CARE Plus is the new addition in our family of products and designed to provide a turn-key solution to the providers. WE CARE Plus is for the patients with low balances or patients who cannot meet a minimum payment requirement. There is no upfront funding to the provider.

Providers can choose a funded program only or the combination of the programs. The benefits of implementing both programs:

One call resolution for the provider and patient (Warm Transfer Option is available!)
Alleviate administrative burden for the provider
Fewer vendors
Higher collection rates

WE CARE and WE CARE Plus patients enjoy the same convenient repayment options and dedicated customer service. The program differences are transparent to the patients.

Our experienced Financial Advocates will help patients decide which program works best for them.

Medfinancial gives providers an advantage in managing the rising cost of health care.

Once the patient pays their first installment, Medfinancial sends the healthcare provider payment for the full amount the patient owes, minus a service fee.

When compared to collection agencies or the cost of managing patient receivables through a provider's business office, Medfinancial rates are quite affordable. Furthermore, we take care of contacting, corresponding and collecting from the patient in a way that makes them feel valued, respected and understood, as these are YOUR patients and WE CARE.

Provider Advantages

Upfront funding to the provider.
Alleviates pressure on registrars and financial advocates to collect from patients.
Improves cash flow and self-pay A/R balances.
Streamlines patient payment options and assures easier reporting.
Eliminates the need for internal payment plans
Reduces patient stress and fosters goodwill in the community.
Provides a seamless interface to the provider's patient accounting system.
Secure portal for provider retrieval of reports (customized reporting available for each provider).
No start up fee; all collateral provided by Medfinancial.
Assurance that experienced and compassionate client relations managers are assisting your patients.
100% HIPPA compliant!
Medfinancial can offer to assume all existing self-pay accounts receivable to further streamline collection efforts, and improve your active A/R KPI's.
Medfinancial provides a thorough collection process with patient engagement and respect.

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