SOUTH BEND, Ind. & PORTLAND, Ore.--(BUSINESS WIRE)--In an effort to learn more about providing Hoosiers with affordable healthcare, Rep. Jackie Walorski (IN-02) today visited Beacon Health System to tour its Elkhart hospital and hear from healthcare professionals. During her visit, she was able to see the hospital successfully use patient-friendly financing to remove financial barriers to care.
South Bend-based Beacon Health has helped 40,000 patients pay down medical debt by participating in a patient financing program from CarePayment, which features 0.00% APR for the life of the account and has no impact on patient credit scores. During the six years that Beacon Health has sponsored CarePayment, this financing program has allowed cash-strapped patients to pay millions in medical bills over time in budget-friendly amounts as low as $25 a month without incurring more debt through interest rate charges.
At Elkhart General Hospital, Walorski heard from physicians and executives of Beacon Health and CarePayment about the patient financing service as well as other innovative programs.
“Healthcare remains one of the biggest concerns of families and we are fortunate to live in a country home to some of the most advanced medicines and technologies, and a host of medical innovators right here in Elkhart,” said Walorski. “But families who choose high-deductible plans so they can afford their premiums face sticker shock from out-of-pocket expenses when they use these plans to get care,” said Walorski. “Thanks to industry leaders like Beacon Health for continuing to find practical and affordable programs that help people get the care they need.”
Together, Elkhart General Hospital and Memorial Hospital of South Bend employ more than 6,000 team members and volunteers and operate more than 1,000 hospital beds staffed by nearly 1,000 physicians. Beacon Health also is a research and education organization, guiding clinical research trials for a variety of illnesses and helping train medical residents in family medicine and hospital pharmacy.
“Beacon Health is dedicated to delivering the best care possible to our patients, and that begins with making access to care possible. By making this financial service available, we can prevent people from forgoing necessary care or adding an unreasonable burden to their family budgets,” said Jeff Costello, Beacon Health System’s Chief Financial Officer.
CarePayment teams up with health systems such as Beacon Health as well as physician groups, hospitals and other healthcare providers who sponsor the company’s co-branded financing programs for 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.
In a 2014 survey of 89 Beacon Health patients who had participated in the CarePayment program, 97% were satisfied with the billing process and 93% were more satisfied with Beacon Health because of the CarePayment program.
“By helping patients manage their out-of-pocket medical expenses, Beacon Health continues to put patients’ needs first because they watch out for people’s financial health as well as their clinical health. That type of commitment shows great leadership in the healthcare community,” says Craig Hodges, CEO of CarePayment.
Beacon Health was the first healthcare provider in Indiana to make the CarePayment program available. Five other providers in Indiana also now sponsor CarePayment.
About Beacon Health System
Beacon Health System is the nonprofit parent organization of Elkhart General Hospital and Memorial Hospital of South Bend, providing world-class care throughout North Central Indiana and Southwestern Michigan. Elkhart General Hospital and Memorial Hospital of South Bend, two accomplished medical legacies operating health care facilities in Elkhart, St. Joseph and LaPorte counties in Indiana, as well as in Michigan, have each delivered exceptional and compassionate care for more than 100 years. These community-owned hospitals have been frequently honored for outstanding care by some of the country’s most respected health care ranking systems, including HealthGrades, Inc. and Thomson Reuters 100 Top Hospitals®. Find more information at http://www.beaconhealthsystem.org.
Headquartered in Lake Oswego, Oregon, CarePayment is a patient financial engagement company that accelerates providers’ transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. 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 0.00% 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.