As more Americans struggle under the growing burden of medical debt, one Tennessee political leader saw first-hand the remarkable success of a Kingsport-based healthcare provider in helping bridge the affordability gap with patient financing. Holston Medical Group (HMG) has decreased bad debt from unpaid patient bills by 85% and enrolled more than 10,000 patients in the CarePayment program since it began offering the extended payment program in 2012 to complement its other innovations in patient access and care.
Congressman Phil Roe, MD (R-TN) today toured Holston Medical Group, one of the largest multi-specialty physician practices in the Southeast, where he met with patients, physicians and executives of HMG and CarePayment. In addition to learning about Qualuable Medical Professionals accountable care organization, of which HMG was a founding member, and the OnePartner Health Information Exchange with more than 1,000 provider participants and 750,000 patient records, Congressman Roe heard about CarePayment's patient financing program, which features 0.00% APR for the life of the account and has no impact on credit scores.
"As a doctor and a Congressman, I am extremely concerned that some Americans are being forced to choose between receiving necessary care and putting food on the table. Many families who purchase health insurance select high-deductible plans so they can afford their premiums, but these plans leave them responsible for more out-of-pocket expenses," said Roe. "We need to see more market-driven, commonsense solutions like those from Holston Medical Group and CarePayment, and I am proud to see this kind of leadership in the First District."
Holston Medical Group's 160 physicians and other medical professionals serve more than 200,000 patients in five Tennessee and Virginia counties from 13 locations. HMG offers CarePayment's 0.00% APR financing for up to 25 months, with no hidden costs, and all patients are eligible regardless of employment, insurance coverage or credit history. And the terms are affordable: A $1,500 balance, for example, would require a payment of only $60 per month over 25 months.
"Holston Medical Group is dedicated to delivering the best care possible to our patients, and CarePayment is integral to fulfilling that mission. Our staff helps patients address financial issues upfront, including removing potential barriers to care by enrolling in CarePayment, so the patients and our doctors can concentrate on improving their health and well-being," says Scott Fowler, MD, HMG's president and CEO.
CarePayment teams up with physician groups, hospitals and other healthcare providers to offer co-branded financing programs to patients. The payment programs benefit both patients, who can manage their medical expenses over time, and providers, which see financial gains such as improved cash flow and lower bad debt, coupled with greater patient satisfaction and patient engagement.
"It's compassionate providers like Holston Medical Group who are helping patients solve the growing problem of managing out-of-pocket medical expenses. HMG is making an investment in its community by sponsoring the CarePayment program. It's a thoughtful commitment to putting patients first," says Craig Hodges, CEO of CarePayment.