Aged AR and Payment Plan Conversion Solutions
By transferring aged AR and internal payment plans to CarePayment, providers can achieve a remarkable gross collection rate of 85-90%, leading to a substantial increase in overall earned revenue collection.
Increase Your Operating Margin, Guaranteed
Converting aged AR and payment plans to CarePayment improves balance sheet liquidity by reducing AR.
Get Immediate Cash Flow Expansion
CarePayment can convert aged receivables and payment plans into liquid assets in under 30 days, getting you the cash you need now.
24/7 Security and Compliance
We adhere to all local, state, and federal laws, and have HITRUST r2, SOC 2 Type II, and PCI Compliance certifications.
Financial Revitalization in Action: Payment Plan Conversion with CarePayment
This 8-hospital, $2+ billion net patient revenue health system managed payment plans internally as active accounts receivable (AR), but looked to CarePayment to expedite their conversion into cash flow within a 60-day timeframe from contracting to ensure financial stability.
THE RESULTS: Immediate Cash, Relief for Staff, and Boosted Patient Satisfaction
87.9%
Gross collection rate on enrolled accounts (regardless of propensity to pay)
91%
Program satisfaction rate
Less than 7
IT hours needed to implement
Accounts
Loaded and funded immediately
Leveraged existing EHR integration, files and scripts to reduce IT involvement
Dedicated customer support with Epic access to assist provider staff and ensure patient satisfaction
Post-Cyberattack Recovery, Converting Aged A/R to Payment Plans Will Drive Cash
The cyberattack sent shockwaves through the healthcare sector, leaving hospitals grappling with financial repercussions. Discover how hospitals are using innovative strategies, from aged A/R solutions to patient financing programs, to reclaim financial stability.
Ready to boost patient experience ROI, reduce bad debt, and increase patient satisfaction?
Get in touch and see your net collections skyrocket with our industry-leading, award-winning patient financial engagement.