It provides an extended payment program for patients who, because of finances, have a hard time starting care or cannot choose the type or extent of care they really need or want. This is done with No Credit Check and no interest fees. Your office gets to choose between receiving recurring collections or to be Pre Paid at a reduced fee with no credit check of the patient required.
Everyone qualifies with two unique forms of payment and a valid driver's license. A credit check is not required.
Your office has final approval over the terms in which you offer payment plans to your patients. You work with patients to determine how much they can afford for a down payment and for recurring payments (weekly, bi-monthly, or monthly). Of course, it is in your interest to collect as much up front and to get the balance paid off as soon as possible.
Yes, significantly. In almost all cases, when a patient does not start care or they choose an abbreviated treatment plan, finances are the reason. America runs on credit. When someone goes to buy a car, they rarely look at just the total price of a car. They look at how much it will cost monthly. If they can work out payments they can afford, they purchase the car. In working with thousands of offices around the country, we found the same thing to be true in healthcare. If the patient can see that the treatment or treatments fit into their monthly budget, they usually choose to get the care. This means that a high percentage of people who come into your office will choose to receive the care you recommend.
Many doctors routinely make "deals" or waive co-pays and deductibles to get insurance patients to start care. They call this a "bookkeeping discount" or "financial hardship" discount. To be compliant with insurance laws, you must collect these patient portions as dictated by the patient's and your contract with the insurance company. This program allows you to spread these out-of- pocket expenses out over time so virtually every patient can easily afford your care. Not only are you more compliant, but also you will collect more money.
Your patients may know others who need your services. Many times we have noticed in our clinics and those of our clients that when a patient was barely able to afford their care they would not refer due to the patient pre-qualifying their friend's and family's finances. Imagine the relief a patient has to have a no credit check no interest payment plan like ours. Now that the patients own financial concerns have been alleviated they will recommend their friends and family with no considerations.
When you do an auto-debit program, your office is responsible for following up on any late or missed payments. A doctor's office is ranked very low on a patient's priority of bills to be paid each month. Their highest priority includes their rent or mortgage payment, car payment, utilities, food and other bills that can, if they don't pay them, have an immediate impact on their comfort and quality of life. Next comes loans to financial institutions. We fall into this category. Payments to us, a third-party company, are viewed as a higher priority than payments to your office. We want you and your staff to focus on growing your business and getting people well. We will take care of making sure you get paid.
Alternatively in lieu of auto-debiting you may simply choose to be Pre-Paid with no credit check no interest and non-recourse through our prefunding program!
GE Care Credit - requires a credit check and a relatively high credit score. As of 2014 it would appear approximately 30 % of Americans have the credit score to be approved.
HPS / Partners - no credit check everyone qualifies with two unique forms of payment and a valid driver's license
GE Care Credit - issues a credit card and by its very nature negatively impacts the person's credit.
HPS / Partners - does not impact a person's credit in any manner.
GE Care Credit - requires the person to sign an agreement with a third-party that is very detailed, onerous and invasive.
HPS / Partners - requires no agreement between the lender or the patient - the patient signs a simple agreement between themselves and their doctor. The doctors enters into an agreement with the lender (receivable funding agreement aka Pre Funding or Pre Payment) and the lender purchases the receivable.
GE Care Credit - does not offer a payment plan only option where the doctor can serve as the “bank” and collect their money over time.
HPS / Partners - does offer this option where the doctor can collect more of his money but he has to wait to get paid and he takes the risk.
Yes, they still qualify for HPS. Instead of embarrassing the patient by telling them they do not qualify, just tell them they qualify for HPS. They will be grateful and be excited about working out the payments and getting started.
Using HPS, you decide who pays the flat 8% processing fee. Most of our clients have the patient pay this fee. Here is an example: A patient's bill is $1,200. She agrees to pay $300 today and $108 each month for nine months, of which $100 (less merchant account fees) goes to the doctor and $8 goes to HPS.
Implementation requires a few hours of training on:
- How to communicate the benefits of our program to patients so no one ever leaves your office without getting the care they need because of money: This training should be done by anyone discussing the subject of finances with patients.
- How to set up the software, described below.
- How to use the software: This is for anyone who will be enrolling people in the HPS program
Training manuals are provided for both types of training. Additionally, there are live training sessions via the internet. You get free training and support for as long as you are a client. If you need more training or have new staff to train, just give us a call or e-mail us and we will be happy to schedule them for training.
Setting up the software involves importing data such as your Charge Master (a list of the prices for all your services, goods and procedures) from your practice management software or other sources into the HPS software. You can also import your patient records, schedule, and existing patient receivables.
Carrier-specific fee schedules and past Explanation of Benefit (EOB) files are also imported so an insurance patient can be given an estimate of their out-of-pocket costs (it can only be an estimate until the insurance company has adjudicated the claim and provided an Explanation of Benefits).
Note: For an additional fee, the HPS software can be integrated to work seamlessly with nearly all practice management systems.
Billing and Administration
Our billing and administrative partner services include:
- Help desk support for staff and patients
- Processing staff and patient inquiries related to payments/balances
- Payment guidelines, policies, procedures and performance measurement tools
- Manage declined, rejected and late payments through comprehensive communications (via phone, e mail, text and letters)
Hard Collection Agency¹ Support and Integration
HPS/Partners will assist you with management of defaulted accounts. A defaulted account is any patient account which is sixty (60) days past due. Our services related to defaulted accounts include:
- Notices to patients that their account is in default
- With your approval, refer defaulted account to our integrated licensed collection agency partner or
- Transferring the account back to you for further disposition
HPS and its partners are not a licensed collection agency and cannot engage in the business of debt collection and therefore HPS/Partners activities respecting Defaulted Accounts may be limited by applicable law.