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New patient financing tool helps providers boost self-pay collection rates

CarePayment, a patient financing provider, has expanded its point-of-service features and tools to help providers capture greater patient self-pay collection rates.

Collections more than double when patients are offered CarePayment's 0 percent APR payment programs early in the revenue cycle when compared to collection rates from in-house payment plans, according to the report.

CarePayment created a web-based tool for early activation, which allows front-line staff members to immediately verify patient identity. The tool also generates a letter informing the patient of the financing program with a customized estimated balance and minimum payment information.

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