Independent Case Studies

Provider Profile

Central Ohio
257 Physicians
222 Beds
$210M Net Patient Revenue

Challenges

More patients with higher co-pays and deductibles opted for payment arrangements
Staff spent an inordinate amount of time, 20 hours/month, following up on those accounts, which made up 43% of total self-pay A/R
Maintaining internal payment arrangements was no longer cost effective

Solutions

The hospital brainstormed with HELP and its EBO to formulate a solution that would benefit its patient population
HELP proposed a new process that involved funding and monitoring existing accounts
New patients can choose between a plan with 0% interest for one year or a longer plan with 8% interest

Results

By granting more than 900 loans, within four months, HELP reduced the hospital's A/R by $724,719
HELP generated $630,506 in additional revenue for the hospital in the first four months of the new program
The hospital has been able to reduce the amount of time staff spend on payment arrangements from 120 to 45 hours per month

Provider Profile

Southern Michigan
390 Beds
$421M Net Patient Revenue

Challenges

Due to rising deductibles and patient balances, the provider accumulated $4.1 million in residual balances
By analyzing patient feedback, the provider recognized the opportunity to provide patients with more flexible financing options
The provider desired a simplified plan that would consolidate multiple accounts within a household and offer more flexible terms and interest rates

Solutions

HELP Financial took responsibility for $4.1 million in outstanding patient balances and began managing all new patient plans
Working with the provider's customer service partner, HELP Financial established a triangular data exchange that unifies all three organizations
HELP Financial facilitated a smooth transition with thorough training and responsive support

Results

Within the first three months of implementation, HELP Financial eliminated $4.1 million in residual patient balances and established $1.3 million in new accounts
Over the first 2.5 years, HELP has funded upfront $13.7 million in new accounts with a 4.2% recourse rate
Patients have positively responded to the increased flexibility and simplified payment options

Provider Profile

Wisconsin
2 Hospitals
26 Physician Clinics
$970M Net Patient Revenue

Challenges

19% of the hospital A/R was self-pay, and 30% of self-pay was older than six months
Patients were given six months to pay in full with minimum payments of $100 per month
The provider did not have a patient financing provider to recommend to self-pay customers, so they were forced to find a loan or face collections

Solutions

HELP Financial took responsibility for $12 million of self-pay A/R
The provider offered 18 months of interest-fee payments, followed by a trailing interest rate of 8%
With HELP Financial's services, patients' loan application process was simplified

Results

Rate of self-pay hospital A/R dropped by 8%, and self-pay greater than six months decreased by 10%
To date, HELP has funded upfront $14.2 million in new accounts with a 4.1% recourse rate
Patients responded positively to process simplification and more payment flexibility

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