GREENSBORO, N.C.--(BUSINESS WIRE)--With the rapid increase in high-deductible health plans and out-of-pocket expenses, health care affordability is considered one of the fastest-growing health care problems in the U.S. In response to that, Cone Health now offers a 100 percent interest-free payment option for patients. The program is a partnership with AccessOne.
“Patients should never feel a financial burden stands between them and the care they need,” shares Mike Simms, Cone Health’s vice president of revenue cycle. “At Cone Health, we believe that truly compassionate care includes affordability, which is why we are expanding our offering of 100 percent interest-free payment options to our patients. We want our patients to focus 100 percent on getting well.”
A recent study shows that 66.5 percent of all bankruptcies were tied to medical issues. Credit card debt also continues to rise dramatically, reaching a record $1.057 trillion in March of 2019.
Cone Health’s internal payment plan lasts for up to 12 months and the number of months allowed will be based on account balance. For those patients whose account balance is outside of the Cone Health internal plan, the patient will be given the AccessOne program. A credit report will not be obtained to qualify for the AccessOne program and everyone is accepted. A payment schedule is set up with no interest charged for up to 3 years. The payment schedule is determined by the account balance. Larger balances up to $10,000 can qualify for up to 3 years, and smaller balances are paid over a shorter time period based on account balance. The AccessOne program helps with all Cone Health medical bills, from hospitals to clinics.
“Cone Health continues to show how innovation on the financial side of care can revolutionize patient engagement strategies and improve patient satisfaction,” said Stephen Scott, AccessOne senior vice president of implementation. “We have been able to work with the Cone Health team over the past 5 years and provide a flexible technology platform that tailors financing solutions to their patient’s needs.”
Simms adds, “We refuse to stand still while our patients struggle to understand and pay their bills. With all the changes to Medicare, Medicaid and other legislation, we need to make lasting changes that support our community from the ground up.”
About Cone Health
Cone Health is an integrated not-for-profit network of health care providers serving people in Guilford, Forsyth, Rockingham, Alamance, Randolph, Caswell and surrounding counties. Our tagline – “The Network for Exceptional Care” – highlights our commitment to excellence, which is shared by our more than 12,000 employees, 1,300 physicians and 1,200 volunteers. Learn more at www.conehealth.com.
AccessOne is a leading provider of flexible, co-branded patient financing solutions. Founded by providers, our solution provides a consumer-focused experience which drives high patient satisfaction for our clients. We have helped over one million consumers afford out-of-pocket medical expenses for health systems nationwide. We offer the most comprehensive platform in the industry with funding models that help more providers and programs that reach more patients. All patients qualify for our program with no credit reporting or negative outcomes. To learn more, visit www.accessonemedcard.com or connect on LinkedIn.