Increasing healthcare insurance premiums and high deductible insurance plans are resulting in higher patient debt and undermining hospital cash flow.
Accounts Billing Service (ABS) provides a service at no additional cost to the hospitals, called HARP, Healthcare Affordable Repayment Plans. These plans offer patients an affordable interest bearing finance option to pay off their medical bills in 12-48 months (at client discretion). The nominal interest added also incentivizes many patients to opt to short term payment plans without interest or finance charges.
According to Modern Healthcare, in a few years providers could see a 50% increase in the amount they’re receiving directly from patients. As the healthcare industry climate changes, many providers are searching for a new solution to reduce bad debt assignments while increasing revenues.
Learn more about this program in this article from insideARM.