Self-pay is on the rise in hospitals and healthcare, yet hospitals are struggling to find upfront funding solutions. That’s why Professional Recovery Consultants is offering a new solution: a single source for self-pay collections.
Professional Recovery Consultants, established in 1979 in Durham, NC, has more than four decades of hospital self-pay collections expertise. Our clients are some of the largest in the state of North Carolina.
As self-pay collections became a larger issue due to several factors — most notably a meteoric rise in deductibles — PRC President Geoff Miller sought out a greater solution to help solve the self-pay issue for not only current clients but national prospects as well. One of the largest segments of growth found was patient financing. Patient financing made complete sense for PRC, having almost 40 years of healthcare experience and the infrastructure in place to implement and offer a single-source solution to front end collections. That’s why Geoff and colleague Tony Mary founded a new sister company, Horizon Health Fund. Mary has more than a decade in patient financing experience.
Hospitals Need to Get Out of the Banking Business
There are many reasons for upfront solutions: government healthcare, skyrocketing deductibles, higher premiums, and the fact that hospitals historically have not been successful at upfront collections. Almost 65 percent of patients who present for care need extended terms, which means hospitals are experiencing AR increases of more than 5 to 10 percent. Healthcare bankruptcy continues to climb, making now an ideal time for this new solution.
Offering a voluntarily, pre-approved financing option for patients also offers the patient peace of mind that they can manage the unanticipated financial burden of catastrophic care. Horizon Health Fund offers a patient and provider-friendly solution that allows both parties to handle the current healthcare financing environment.
How the PRC/HHF Team Can Help Your Hospital
As an established leader in early-out collection solutions, the PRC/HFF team will make initial contact with your patient, counsel the patient, and provide him/her with their options for account satisfaction, thus increasing front-end collections for the provider. Most providers have parameters in place, a prompt pay discount for payment in full, or 90 days if payment is made in full.
If those choices are not an option due to financial hardship or larger balances, the standard PRC procedure is to put the patient on extended terms and collect funds for the hospital. Why not attach Horizon Health Fund as a third option? If the provider terms are not a viable option for the patient, then our staff can connect the patient with HHF, and we can counsel the patient on what terms are best suited for their needs.
When the patient makes the first payment to HHF, the funds will be transferred in full to the hospital, instead of trickling in as they do in traditional financing plans. This will:
- Increase collections
- Take the burden of collecting off internal staff
- Lower bad debt
- Provide an increase in patient communication
- Provide the hospital with cash
This is truly an example of patient engagement and patient consumerism. Professional Recovery Consultants and Horizon Health Fund provide a brighter solution for the horizon. Contact HHF to learn more.