Greater Need for Long-Term Patient Financing Results in Multiple Health Systems Selecting ClearBalance
ClearBalance records another strong year of growth for its patient financing solution in 2018
SAN DIEGO, Jan. 9, 2019 /PRNewswire/ -- Confirming that consumers increasingly want and need long-term patient financing to cover their out-of-pocket medical expenses, several new health systems began offering the ClearBalance® zero-interest patient financing program in 2018. Adding to their ranks were ClearBalance customers that expanded use of the ClearBalance program to more hospitals, medical groups and other outpatient sites. ClearBalance extended its presence across the country, most significantly in the Northeast and across America's heartland. ClearBalance also enlarged its Customer Success team, newly formed in January 2018 to help healthcare providers navigate the dynamics of the patient's financial experience.
During the past several years ClearBalance has seen steady, year-over-year increases in loan volume. However, growth accelerated substantially in 2018 – by more than 20 percent compared with the previous three years. ClearBalance President and CEO Bruce Haupt attributes this uptick to the overwhelming and constant patient demand for affordable payment options.
"Six years ago, we evangelized the need for long-term patient financing," Haupt says. "Now health systems recognize this payment option as a must-have to help improve patient reimbursement, reduce bad debt and perhaps most important, create loyalty with healthcare consumers."
In today's competitive environment, consumer loyalty is critical for health systems. Consumers regard cost and convenience as important variables, along with the care experience. Convenience is twofold: ease of getting care and ease of paying for care. According to the recent ClearBalance Healthcare Consumerism study, 52 percent of respondents use their ClearBalance account to pay for more than one medical procedure. Considered "captured consumers" for the health system, these patients are less likely to delay care due to cost, and more likely to return to the health system where they have a ClearBalance account. In fact, 92 percent of survey respondents said they will likely return to the healthcare provider that offers the ClearBalance program as a payment option.
Patients are consumers who have a voice and choice in their healthcare experience. They expect financing options to pay their out-of-pocket costs and they'll compare their financial experience with their friends' experiences. ClearBalance has been at the forefront of creating a positive patient financial experience for nearly 30 years, always evolving to set and deliver a high bar for a patient relationship that is compassionate, convenient and keeps the health system top of mind the next time he, she or a loved one needs care.
Keeping patients engaged to pay their medical costs also means we improve the health system's financial performance. ClearBalance features the only HFMA Peer Reviewed ROI Value Model™, which sets nationally recognized benchmarks for long-term patient financing performance. We maintain the industry's highest repayment rate and ClearBalance health system partners see an average 260 percent ROI within 12 months.
Let's work together to make care affordable so consumers enjoy good physical and financial health.
VP, Product & Strategic Marketing