KINGSPORT, Tenn. & PORTLAND, Ore.--(BUSINESS WIRE)--As more Americans struggle under the growing burden of medical debt, one Tennessee political leader saw first-hand the remarkable success of a Kingsport-based healthcare provider in helping bridge the affordability gap with patient financing. Holston Medical Group (HMG) has decreased bad debt from unpaid patient bills by 85% and enrolled more than 10,000 patients in the CarePayment program since it began offering the extended payment program in 2012 to complement its other innovations in patient access and care.
Congressman Phil Roe, MD (R-TN) today toured Holston Medical Group, one of the largest multi-specialty physician practices in the Southeast, where he met with patients, physicians and executives of HMG and CarePayment. In addition to learning about Qualuable Medical Professionals accountable care organization, of which HMG was a founding member, and the OnePartner Health Information Exchange with more than 1,000 provider participants and 750,000 patient records, Congressman Roe heard about CarePayment’s patient financing program, which features 0.00% APR for the life of the account and has no impact on credit scores.
“As a doctor and a Congressman, I am extremely concerned that some Americans are being forced to choose between receiving necessary care and putting food on the table. Many families who purchase health insurance select high-deductible plans so they can afford their premiums, but these plans leave them responsible for more out-of-pocket expenses,” said Roe. “We need to see more market-driven, common sense solutions like those from Holston Medical Group and CarePayment, and I am proud to see this kind of leadership in the First District.”
Holston Medical Group’s 160 physicians and other medical professionals serve more than 200,000 patients in five Tennessee and Virginia counties from 13 locations. HMG offers CarePayment’s 0.00% APR financing for up to 25 months, with no hidden costs, and all patients are eligible regardless of employment, insurance coverage or credit history. And the terms are affordable: A $1,500 balance, for example, would require a payment of only $60 per month over 25 months.
“Holston Medical Group is dedicated to delivering the best care possible to our patients, and CarePayment is integral to fulfilling that mission. Our staff helps patients address financial issues upfront, including removing potential barriers to care by enrolling in CarePayment, so the patients and our doctors can concentrate on improving their health and well-being,” said Scott Fowler, MD, HMG’s president and CEO.
CarePayment teams up with physician groups, hospitals and other healthcare providers to offer co-branded financing programs to patients. The payment programs benefit both patients, who can manage their medical expenses over time, and providers, which see financial gains such as improved cash flow and lower bad debt, coupled with greater patient satisfaction and patient engagement.
“It’s compassionate providers like Holston Medical Group who are helping patients solve the growing problem of managing out-of-pocket medical expenses. HMG is making an investment in its community by sponsoring the CarePayment program. It’s a thoughtful commitment to putting patients first,” said Craig Hodges, CEO of CarePayment.
About Holston Medical Group
Holston Medical Group is one of the largest multi-specialty, physician-owned groups in the Southeast. Founded in 1977, HMG is known throughout the nation as a leader in electronic medical record utilization, clinical research and integrated health management. HMG has more than 560,000 patient encounters annually in its offices throughout Northeast Tennessee and Southwest Virginia, including Urgent Care locations in Kingsport and Bristol. With more than 160 primary care physicians, specialists and mid-level providers -- more than 800 employees and providers in total -- HMG is one of the largest healthcare employers in the region. www.holstonmedicalgroup.com
Headquartered in Lake Oswego, Oregon, CarePayment is a healthcare finance company that helps people manage their out-of-pocket medical expenses. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment 0.0% APR payment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at http://www.carepayment.com.