Let Your Bank or Credit Union Partner Administer Your Payment Plans

Posted by Jessica Toney | May 7, 2020 11:37:30 AM

As hospital physicians continue fighting the coronavirus on the frontlines each day, doctors running private practices are seeing a drastic decline in patients. Whether it’s fear of contracting the virus or stay-at-home recommendations keeping patients away, the financial impact of this decreased volume is threatening the viability of many healthcare facilities. With no way to predict how long it will take before well visits and elective procedures start up again, cutting costs may help insulate against economic uncertainty.

Letting your bank partner administer your long-term payment plans can result in huge savings for your practice while ensuring a positive outcome for your patients.

The Problem

You care about your patients, including their financial well-being, which is why you offer 0% interest payment plans for as long as 24 months. Administering these in-house plans, however, comes at great cost to your practice. On average, providers spend $6 per account, per month on labor, processing fees, and monthly statement expenses. Compound these costs over 18 or 24 months, and you’re allocating a significant amount of money to managing payment plans.   

The Solution

The Epic River lending solution outsources your long-term payment plans to your partner bank, resulting in significant savings for your practice while offering your patients additional benefits:

  • 0% interest for the period you choose
  • Loan qualification regardless of credit history
  • No fees (hidden or otherwise)
  • Loans funded by trusted banks and credit unions
  • Privacy maintained via self-enrollment at home
  • Monthly payment amounts selected by the patient
  • Patients enrolled in your current internal plan remain responsible for the same monthly amount

In addition to saving your practice up to 20%, the Epic River program restores healthy cash flow by bringing in money during these tumultuous times. The bank increases net collections and decreases the cost to collect, while you maintain patient satisfaction and your staff focuses on working authorizations and denials.

How it Works

  1. Patients choose their loan terms within the 0% interest period using Epic River’s fully transparent platform.
  2. Your patient accepts their preferred loan terms. (ALL PATIENTS QUALIFY regardless of credit history.)
  3. Your office assumes the interest for the 0% period and offloads all collection costs and responsibilities to your partner bank.
  4. The bank pays you upfront and in-full for the patient’s financial responsibility.
  5. Your patient makes monthly, online payments to the bank until the loan is paid off.

Why it Works (for Everyone)

Providers – Your practice saves on collection costs, accelerates cash flow, and increases collection rates. Your staff focuses on authorizations and denials rather than calling on delinquent accounts.

Patients – Your patients get the care they need via affordable medical loans and 0% interest payment plans, when and where required.

Banks and Credit Unions – Local financial institutions are given the opportunity to provide valuable community service while generating low-risk revenue from new medical loans.

The Medical Industry – Providers are able to free themselves from the burden of administering payment plans, without harming the financial well-being of their patients. A solution that right sizes an imbalance that has long plagued healthcare.

Get Started

Realize up to 20% savings, and maintain your 0% interest period, by letting your partner bank administer long-term payment plans for you. The Epic River lending solution ensures a positive outcome for your practice, your patients, local financial institutions, and the medical industry as a whole. In these uncertain times, it pays to partner with Epic River.

Contact us to learn more and request a personalized savings evaluation today. 

Topics: medical billing solutions

Written by Jessica Toney

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