Medical Articles & News

Top Ways FinPay's Patient Financial Management Can Help Your Rehab Center Grow

March 22, 2022 by Christopher Wolfington

Top Ways FinPay's Patient Financial Management Can Help Your Rehab Center Grow

The behavioral healthcare industry is competitive. New players are entering the market while large, experienced treatment centers consolidate by acquiring smaller facilities. The changing laws and regulations also provide challenges for any treatment or rehab center. Regardless of size, one common thing to all industry players is patient financial management.

FinPay specializes in offering patient financial solutions. Our solutions are based on our commitment to solving the affordability crisis in healthcare by enhancing the patient financial experience through pre-care engagement, expanding healthcare financial literacy, advocating for cost transparency, and offering affordable payment options, all while restoring consumer trust in the American healthcare system.

The automated and transparent systems we offer will allow your rehab center to be more efficient and grow. Have your healthcare payment specialist contact FinPay today at info@finpay.com to learn more.

Traditional Patient Financial Solutions Are Not Customer Focused

Picture the current American healthcare model from the consumer’s perspective. For decades they have been forced to navigate a frustrating and confusing financial experience when accessing care. The lack of cost transparency, financial literacy, and affordable payment options in healthcare has left the consumer scared and agitated, despite the high-quality clinical care they receive. 

FinPay addresses this problem through automated technology and transparency. The FinPay technology platform is everything you need for patient financial management and reporting. Our platform integrates with your existing revenue cycle management software to create an optimized, data-driven approach to patient financial management for you while building better relationships with your patients.

Consumer Advocacy Financing Through Pre-Care Engagement 

The answer is pre-care engagement. We take a consumer advocacy financing approach that enhances the patient financial experience. We make patient financial responsibility digestible and affordable through education, transparency, and patient pay solutions.

The national average for collecting total patient financial responsibility is 19%. Through our FinPay platform, our customers have achieved close to 80%. This is accomplished by focusing on the following primary objectives:

  • Enhancing the patient financial experience increases patient satisfaction
  • Adding pre-care engagement solves the problem before it starts
  • Automating payment programs increases cash flow and bottom-line
  • Providing more payment options will remove the barrier of affordability for care

These can be achieved by implementing strategies that engage healthcare consumers more effectively.

What Constitutes FinPay Patient Financial Solutions?

Risk Stratification 

Our proprietary tool reveals common patient situations that cause financial risk and bad outcomes for the provider.

Financial Clearance Policy Builder 

Our proprietary tool for creating financial clearance policies and rules engine that target and segment high-risk patients.

Patient Financial Management Playbook 

The workflow tool maps financial clearance policies and rule engine to the educational curriculum, payment options, and scripting for each risk class.

Pre-Care Patient Engagement 

FinPay’s Engagement Filter will determine which patients receive an automated engagement experience and which will receive a high-touch engagement with a FinPay certified payment specialist. Our team is trained in healthcare financial literacy to educate patients about their financial responsibility, cost-saving strategies, insurance benefits, and preauthorized payment programs. Staffing and training models are available.

Payment Program Automation 

Patent-pending “set it and forget it” payment automation. Platform originates, manages, and automates all payment program types.

Consumer Protection and Compliance 

Digitally capture and store all required Consumer Financial Protection Bureau (CFPB) documents and authorizations.

Patient Financial Management Analytics 

Robust reporting and analytics provide a clear line of sight along with actionable intelligence to adapt your patient finical management strategy in real-time.

Income Verification and Capacity to Pay Reporting 

Proprietary consumer reporting tool utilizing actual internal revenue service tax filings to verify income for charity care eligibility and capacity to pay scores to drive our automated rules engine.

 

Let FinPay’s Patient Financial Solutions Bring Increased Growth and Profitability to Your Rehab Center

Allow us to bring our consumer advocacy financing model to your rehab center operations. We offer patient financial solutions that are good for your patients and good for business. Email us today at info@finpay.com.

Tags: Patient Financial Management, Provider

Christopher Wolfington, Chairman and CEO of FinPay, LLC, is a business leader and entrepreneur with over 29 years of experience in consumer and financial services. Mr. Wolfington is currently living in Philadelphia, PA and continues to use his entrepreneurial talent to identify key opportunities and solutions in high growth markets.