Horizon Health Fund Fills Payment Gap by Offering Zero or Low-Interest Plans to Patients
DURHAM — A new solution for patients struggling to pay their medical bills has just launched in Durham, N.C.
Horizon Health Fund, LLC (HHF) is a financing company that provides payment solutions for medical bills. The company is a wholly owned subsidiary of Professional Recovery Consultants (PRC), a debt collection agency also located in Durham.
Since 2009, medical deductibles have increased 50 percent, putting a higher cost of care burden on people who are sick or injured. While some hospitals offer financial options and payment plans, such plans may not fit many people’s budgets. HHF offers multiple long-term options to pay medical balances, including interest-free and low-interest options. Funding will work as an open-ended line of credit, which means patients can add future balances if necessary. Another fundamental advantage of Horizon Health Fund is the upfront funding provided to the hospital upon a patient’s first payment.
Sixty percent of the patient population needs some type of financial assistance or extended payment terms.
Additionally, 57 percent of all bankruptcies are due to medical debt and 40 percent of all consumers have medical debt with a majority owing over $2,000.
HHF fills in a hole in services, according to Tony Mary, executive vice president of Horizon Health Fund.
“High-deductible Health Plans have created and will continue to create a burden for the patient and the hospital,” Mary said. “Hospitals have a couple of options: get better at collecting self-pay and self-pay after insurance or find a business partner that has a proven history of receivables management expertise.”
Mary, also stressed that a hospital’s cash flow is coming under pressure and the upfront funding provided by Horizon Health Fund can help offset the cash collection deficit.
HHF’s goal will be to minimize defaults while offering patients a flexible payment solution. Should the patient default, the hospital would have the option to use the PRC bad debt program; truly providing the hospital with a full revenue cycle solution, said PRC President Geoff Miller.
“We realized that hospitals need help in managing this growing population of self-pay receivables,” Miller said. “PRC already has the infrastructure to perform these services, as our main function now is contacting patients and managing payment arrangements. So it was a natural fit to add patient financing to our suite of services. Now, the hospital community is able to turn receivables into cash while not having to manage the collection of the accounts.”
More than 60 percent of all patients needing healthcare related services require extended payment terms. PRC and HHF are confident that the combined organization can provide a seamless solution to our health system partners.
Professional Recovery Consultants, Inc. was founded in North Carolina in 1979 and has since grown to become the region’s premier provider of fast, efficient, and hassle-free debt recovery and accounts receivable services. This growth has been a direct result of our concentration on client service, while remaining on the cutting edge of new technology and collection technique development. Learn more at http://prorecoveryinc.com/.
Based in Durham, N.C., Horizon Health Fund LLC a financing company committed to providing practical payment solutions for consumers with high medical bills in an effort to reduce debt for both hospitals and patients. Hospitals and consumers can learn more at http://horizonhealthfund.com/.