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 52 of 108

A P R I L 2 0 1 8 • O U T PA T I E N TS U R G E R Y. N E T • 5 3 can't let patients proceed with surgery unless they first pay their deductible or copay, unless you're willing to spend time and money to (try to) collect on the back end. But on the other, your ORs can't sit empty because patients would rather delay a meniscus repair than tear into their credit limit with a big deductible. Better to limp than to skimp, they figure. Healthcare financing throws us both a lifeline. Patients can go for- ward with surgery without worrying about paying large out-of-pocket deposits at check-in, and surgical facilities can lock in the patient-pay portion of their facility's revenue, a growing part of our bottom lines that you can't afford to neglect in today's healthcare landscape. It's obviously great for your cash flow when the lender "reimburses" you in a few days whatever amount the patient financed — minus the transaction fee, which rises along with the length of the loan — but the hours we save not having to review accounts and call patients to collect balances is priceless. It almost feels like we've outsourced our patient accounts payable to our credit company. OSM a 7.9% fee for a 12-month plan (minimum balance $1,250). We limit the terms we offer patients to 6 months. You can also offer patients a fixed-rate extended-payment plan over 24, 36, 48 or 60 months. Interest is built into the low pay- ment, which stays the same each month. A leading creditor's interest rate on a 60-month plan is 16.9%. — Joan Minnis Ms. Minnis (jminnis@ hesc1555.com) is the business manager at Hoffman Estates (Ill.) Surgery Center.

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