Outsourcing Patient Payment Plans is Good for Patients, Practices, and the Medical Field

Posted by Norman Woolworth | Mar 5, 2020 8:51:53 AM

Many medical providers have made the shift to outsourcing their patient payment plans. The reason? In-house management can be exorbitantly expensive, inefficient and ultimately a losing proposition for providers.

Epic River addresses all of these concerns and more. Founded by doctors who understand the complexities of maintaining a financially solvent practice while protecting its patients, the Epic River lending solution leverages local banks and credit unions to provide low or no interest loans that mutually benefit patients, practices and the industry as a whole.

How is this possible? Internal medical billing involves a lot of time, money and energy. On average, providers spend $6 per account per month administering an in-house plan. These costs include labor, processing fees, postage, and lost interest. When compounded over 12, 18 or even 24 months, these expenses add up to real losses. 

With Epic River, these internal administration costs are eliminated and providers save anywhere from 10-20% as a result. The longer the payment term, the greater the savings. And there is no negative impact or downside for patients. Patients remain responsible for the same monthly payment amount to the bank as they would to their medical practice.

Epic River bank loans work better for everyone...

  • Collections go from an average of 45% to nearly 95% because patients are far more likely to pay-off a bank loan than one from a medical provider
  • Patients self-enroll in the program at home with guaranteed loan approval and self-select a monthly payment amount they can afford
  • Local banks and credit unions generate a new revenue stream via low-risk medical loans while helping patients and providers

There are a few scenarios where continuing to administer patient payment plans in-house still makes sense. The primary case-in-point being short-term plans that can be resolved in under 12 months. 

The Epic River outsourced payment solution right sizes an imbalance that has long plagued the medical industry. Providers are able to realize more cost savings and increase their profits without negatively impacting the financial well-being of their patients. 

Contact us today so we can save you more on medium and long-term patient payment plans.

Topics: healthcare billing solutions

Written by Norman Woolworth

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