Simplified Financing for Medical Service Organizations
Bill collections, accounting, and financing are all critical aspects of running a successful business, but the time that goes into billing and accounting can pull time and attention away from serving patients. To help streamline this process, increase efficiency, and provide more time for patients, more and more healthcare providers are turning to medical service organizations to handle billing, accounting, and other financial duties. StrongBox, based in Boca Raton, FL, is a leading platform as a service (PaaS) provider for MSOs that provides cloud-based revenue cycle management software and patient financing solutions. Our online services can improve MSO patient financing, as well as increase performance, valuations, and returns for your investors.
How Our Services Can Improve Financing Outcomes
The financial challenges facing healthcare providers require innovative solutions from MSOs.
- One in three insured Americans have a high deductible health plan.
- Providers are often collecting only 15 percent of billed services.
- 80 percent of patients do not have cash on hand to pay deductibles.
- Nearly 30 million Americans are uninsured.
- More than 40 million people in the United States are underinsured.
- A recent survey found that 79 million Americans have trouble paying medical bills and medical debt.
Here’s how we can help with MSO patient financing.
StrongBox offers several services that are designed to increase workplace efficiency, profitability, and security for your clients. One of our most popular features deals with finance.
As the costs of medical care and insurance rise, so does the pressure placed on medical providers to recoup fees for services rendered. StrongBox partners with respected lenders to provide fast and seamless financing options to patients and clients who use our services. StrongBox offers two financing models: Select and Pro. Bother options are offered through an online patient portal and provide instant access to fixed-rate healthcare loans from top lenders. Patients handle all the work, and there’s no markup. Both our financing options include a no recourse patient finance model that gives healthcare providers their money up front.
For your small- to medium-sized providers, we offer Select. The service allows patients to search 15 lenders at once. This service is ideal for elective procedures and has twice the approval rate as medical credit card applications.
The groups, networks, and hospitals you service can benefit from our Pro patient financing option. This cloud-based platform has proprietary software can analyze a patient’s credit characteristics and rank the patient’s likelihood of paying. Once approved, hospitals receive funds within 24 hours while patients receive an interest-free loan and set monthly payments. Hospitals that use this service often see their collection rate increase from 15 to 70 percent.
StrongBox: A Software Solution That Delivers Results for MSOs
As medical practices work to meet regulatory guidelines, comply with insurance company demands, and collect accurate billing data — all while provided high-quality medical care — the MSOs we serve are increasingly seen as a valued resource to meet these goals. StrongBox has been a leading platform as a service for MSOs since 2008. Our team provides quick customer support, and our services are proven to provide a substantial return on investment. Our goal is to accelerate your earnings so you can grow your business. Using key performance indicators, our team can show you how to save money with our online services. If you have questions about StrongBox’s MSO patient financing, contact our team online or call our Boca Raton, FL office at (855) 468-7876.