| Challenges in Collecting Out-of-Pocket Expenses |
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To read the entire article, click on this link: http://www.hfma.org/library/revenue/billing/400632.htm The Midland Payment Plan is a successful solution to this growing concern. Hospitals that use the Midland Payment Plan have already taken control of this issue and are seeing significant increases in monthly cash flow. The article cites a collection rate from patients with high-deductible plans of 43% versus 87% for patients with lower deductibles at one health system. Midland's Payment Plan boasts a collection rate of 70%. This is phenomenal since a majority of accounts enrolled in the plan are uninsured with high balances. The HFM article also cites the importance of offering flexible payment options. Midland's Payment Plan offers the flexibility to meet the needs of any size healthcare facility. Midland's policy is to allow early payoff without penalty or fees. We never charge late fees. Patients choose which day of the month their payment is due. Our professional staff understands your patients' current situation making it easy for patients to comfortably enroll in the plan and successfully complete the agreement. The HFM article also underscores the importance of making payment arrangements early in the revenue cycle. The sooner staff can have a conversation with the patient regarding their obligation and payment options, the better the financial outcome. When a hospital couples Midland's Payment Program with efficient pre-registration collection protocols, the results are spectacular. Let us show you how. Contact us by calling toll-free (888) 233-8825. |