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News

March 31, 2015

Waverly Health Center and CarePayment Feature Affordable Patient Financing Option with Dynamic Terms

0.00% APR payment plans that offer access to flexible terms for paying off balances

WAVERLY, IA and PORTLAND, OR (March 31, 2015) – Waverly Health Center, a city-owned critical access hospital in northeast Iowa, is partnering with CarePayment®, the nation’s leading patient financial engagement company, to feature the most flexible patient financing program available. With CarePayment, Waverly Health Center patients can pay their balances in affordable monthly installments at 0.00% APR. There are no hidden fees, enrollment applications or impact on credit reports.

With CarePayment’s +Dynamic Term Lengths program, Waverly Health Center is able to offer patients payment options to meet their needs.  Term lengths vary to fit the balance, making financing available to those with lower balances who might not qualify under other plans and extending the length to make payments more budget-friendly for those with higher balances. So a patient who owes $2,500 in medical costs could take up to 36 months to complete payments while a patient with a $250 balance would be able to participate by paying the balance in 6 months or less.

With patients responsible for a growing share of their medical costs, Waverly Health Center is rolling out a patient financial engagement program to address the financial aspects of care. As it launches the CarePayment program, Waverly Health Center also plans to begin speaking to patients early in the process about the financial aspects of care, including offering pre-service pricing quotes.

“We have built our facility, culture and core values around the needs of patients and their families,” said Jim Atty, chief executive officer of Waverly Health Center. “We don’t want patients avoiding the care they need due to an affordability issue. Making sure that families in our community have a good option to take care of their medical bills fits with our core values. We chose CarePayment as our partner because the organization treats patients with respect and dignity,” he said.

Rising health insurance premiums and out-of-pocket costs are negatively influencing population health. A recent Commonwealth Fund report found that two out of five working-age adults delayed or avoided needed care due to high deductible health plans.

A CarePayment account is a flexible open-end line of credit that allows patients to add additional medical costs at 0.00% APR for the life of the account. Patients can manage their accounts in a variety of ways, including automatic payments, mobile and online account access, and paper or electronic statements.

“We are pleased to work with Waverly Health Center to help remove barriers to care,” said says Craig Hodges, CEO of CarePayment. “Waverly Health Center’s inpatient satisfaction scores rank it in the top 25% of hospitals in the nation. With this additional investment in the community, WHC underscores its commitment to providing care and its dedication to delivering patient satisfaction.”