ATLANTA--(BUSINESS WIRE)--Patientco, a next-generation patient payment technology company, announced today the addition of SmartFinance™ to its award-winning patient payment platform. By bringing together diverse financing products with Patientco’s multi-channel consumer communication and payment tools, Health Systems can now offer tailored financial solutions to accelerate cash, increase net collections, and improve patient satisfaction.
“Patientco makes it easy for our patients to have affordable payment options at their fingertips,” says Mike Simms, VP of Revenue Cycle at Cone Health. “Their technology allows our team to tailor the patient's financial experience, build loyalty, and strengthen financial outcomes for our health system.”
According to a recent Federal Reserve report, 44% of consumers say they would be unable to pay for an unplanned $400 expense which creates a financial challenge for Health Systems. Patientco data reveals that approximately 50% of all billed dollars for a Health System are balances between $1,000 and $10,000, yet pay-in-full rates drop sharply as balances approach $500. However, many patients do make a partial payment toward balances indicating willingness to pay but inability to pay in full. Financing programs can help bridge this gap but there is no ‘one size fits all’ model for healthcare.
Patientco SmartFinance™ enables Health Systems to tailor financial products to the unique needs of each patient to ensure there is a flexible, friendly option for every patient. With multiple financing options from best-in-class lending partners integrated into Patientco’s robust multi-channel communication and payment platform, Health Systems select the payment options best suited to both their patients’ needs and their business objectives; and patients can get approval within seconds, from the convenience of any internet connected device.
Advantages of Patientco SmartFinance™ include:
- Payment options for 100% of patients
- Recourse and non-recourse products
- No interest, low interest, and deferred interest programs
- Simple self-service user experience to boost enrollment
- Integrated statement, text, and ebill offers to drive adoption
“The need for patient financing is greater today than ever before,” said Alan Nalle, chief strategy officer of Patientco. “However, the complexities of serving all patients has been a huge challenge for Health Systems. We believe that Patientco SmartFinance will answer this challenge with friendly solutions that are simple for patients to understand and adopt, as well as easy for Health Systems to administer.”
To learn more about Patientco SmartFinance visit Patientco at the Healthcare Financial Management Association (HFMA) National Conference in Las Vegas, NV, June 24-27 in booth #807, visit patientco.com or email learnmore@patientco.com.
About Patientco: Patientco is a payment technology company founded specifically to re-think the patient payment experience in healthcare by bringing together intuitive consumer payment tools and world-class payment infrastructure backed by data-led design to create a superior billing experience and deliver more payments to Health Systems. Patientco is making healthcare better one payment at a time. Visit Patientco online at Patientco.com.
