StrongBox Solutions For the “U.S. Healthcare Cost Crisis”
A recent poll from West Health and Gallup put the cost of healthcare in stark numbers. Americans borrowed $88 billion last year to cover personal healthcare expenses, the poll found.
The report, dubbed “The U.S. Healthcare Cost Crisis,” is yet another reminder that millions of Americans are having difficulty accessing affordable healthcare and convenient payment options. These patients are at an increased risk of defaulting on medical payments and negatively impacting your medical business’ bottom line.
StrongBox RCM + Patient Finance, a leading platform as a service (PaaS) provider based in Boca Raton, FL, provides your patients with multiple payment and finance solutions that improve payment compliance rates. From a collection standpoint, our online solutions lower risk while accelerating accounts receivable payments and delivering higher patient satisfaction and patient retention.
Highlights from the U.S. Healthcare Cost Crisis Poll
Six key findings from the poll of 3,537 American adults found that:
- 45 percent of respondents reported bankruptcy as a top concern in the event of a health crisis.
- 75 percent of respondents believe rising healthcare costs will damage their personal finances.
- 41 percent of respondents said they forwent an emergency room visit in the last year due to cost.
- 27 percent of Democrats and 21 percent of Republicans deferred healthcare due to cost in the past year.
- 64 percent of respondents said they were “completely” or “mostly” satisfied with the U.S. healthcare system, despite financial fears.
- 76 percent of polled adults said healthcare costs are too high when compared with the quality of care they receive.
How Does StrongBox Deliver Better Patient Compliance Rates?
As healthcare costs continue to rise, patients are increasingly faced with the difficult decision of how and when to pay for medical costs. If your medical clinic or group is not providing convenient and affordable payment options, you may be increasing the risk that your patients will fall behind on payments or default altogether. Here are three ways StrongBox eSolutions can ensure that your business receives payments for medical services rendered.
- Follow key metrics: StrongBox’s interactive Dashboard tracks Key Performance Indicators (KPIs) on a daily, weekly, monthly, and annual basis. Our software even offers a 12-month revenue snapshot that compares profitability with prior years. Commonly tracked KPIs include total encounters, total charges, total collections, number of procedures, total adjustments, and outstanding accounts receivable (AR).
- Patient Payment Portal: Our online Payment Portal helps patients make payments when it is convenient for them. This cuts down on paper and waste. The online platform is available 24 hours a day, seven days a week. The portal helps businesses accelerate revenue recognition by tracking payment details in real time. The self-pay portal can be accessed online and through smartphones. Each transaction is secure and HIPAA- and PCI-certified.
- Patient finance options: StrongBox offers two financing options: Select and Pro. These financing options can be accessed at the clinic’s office or by the patient from home. The paperless application generally takes less than 5 minutes. StrongBox partners with top-tier lenders.
Contact Our Office to Learn More About Our Services
By allowing your medical clinic, hospital, or physician group to utilize our online financing platform and payment portal, your business can enjoy prompt customer support and our product’s proven return on investment.
As costly medical bills fuel rising patient debt, the need for customer-friendly finance and payment solutions is more urgent than ever. If you have questions about StrongBox’s financing services, contact our team online or call our Boca Raton, FL office at (855) 468-7876.