Outpatient Surgery Magazine

Almost Left Behind - Subscribe to Outpatient Surgery Magazine - April 2018

Outpatient Surgery Magazine, providing current information on Surgical Services, Surgical Facility Administration, Outpatient Surgery News and Trends, OR Excellence and more.

Issue link: http://magazine.outpatientsurgery.net/i/964269

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Page 51 of 108

5 2 • O U T PA T I E N T S U R G E R Y M A G A Z I N E • A P R I L 2 0 1 8 Each week, about 3 of our patients use healthcare credit, mostly middle-aged and younger orthopedic patients and self-pay patients. A few tips for success: • Verify benefits. Don't surprise patients on the day of surgery with what they must pay upfront. If we know that amount, we send a letter 1 to 2 weeks before sur- gery, then follow up with a text and, if need be, 2 phone calls. • Self-pay patients: perfect candidates. Catastrophic insurance policies with large deductibles are intended for those who never see the doctor, but need care in the event of a catastrophic event. These patients would rather pay out of pocket than use their insurance policies. We see about 2 such self-pay patients a month. They usually want to hear about our financing options. • Offer patients the right plan. Don't offer a patient who took out a $1,200 loan a 6-month deferred-interest program if you don't think he can afford $200 monthly payments. If he misses a payment, the creditor will charge the interest that has accrued since the time of the transaction. It often balloons to more than 25%. If you're able, offer a 12-month plan with $100 monthly payments. But keep in mind, the longer the payment term, the higher the transaction fee with which you'll be charged. To give you an idea, one healthcare lender charges a 2.9% fee for a 6-month plan and Winning With Healthcare Credit TO YOUR SUCCESS • NEVER MISS With interest-free healthcare credit, patients pay a steep penalty if they miss a payment. Pamela Bevelhymer, RN, BSN, CNOR

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