How Banks are Helping Hospitals Get Paid

Posted by Norman Woolworth | Jul 7, 2021 11:05:15 AM

Successfully collecting on internal payment plans is one of the biggest problems facing hospitals and healthcare facilities, today. Fortunately, there is a solution that benefits medical providers, community banks and -- most important – patients.

As a result of the pandemic, hospitals are struggling with lower revenue and underperforming patient pay programs.  It’s no surprise then, that there’s a lot of noise about the solution to this problem…or that various third-party companies claim to have the answer.  

What’s essential to remember, though, is that to truly be the answer, the solution must be clear, simple, and perform in the following ways:

  1. Significantly increase the collection percentage on hospitals’ outstanding internal payment balances
  2. Patient-friendly; not predatory or usury in natureMakes all patients eligible
  3. Includes transparent and aboveboard terms
  4. Pays hospitals upfront or in a timely manner
  5. Comes at little to no cost to healthcare providers

Upon researching Fintech companies, it soon becomes clear, many offer some of these benefits -- only one includes all.

Epic River, in Loveland, CO, offers the complete solution and has since 2005.  

Working with local banks and healthcare facilities, Epic River streamlines the internal patient payment process.

Epic River reduces one hospital’s outstanding internal payment balance by nearly 26%, annually. On a $10M balance, that’s $2.6M per year.

Additionally, Epic River’s Patient Lending platform provides healthcare facilities with money upfront, while benefiting patients and the community banks that serve them. 

Ask about Epic River proprietary savings calculator. Taking individual healthcare providers’ specific costs and balances into consideration, Epic River calculates the savings potential under the Patient Lending program.

Written by Norman Woolworth

Leave a Comment