Growing Patient Loyalty by Offering Affordable Financing
HOSPITALS / LOCATIONS
HOUSEHOLDS USING ACCESSONE
Trinity Health System is one of the largest multi-institutional Catholic healthcare delivery systems, encompassing 94 hospitals, 107 continuing-care locations and 133,000 colleagues — including 7,500 employed physicians and clinicians in 22 states.
Since forming in May 2013, when Trinity Health and Catholic Health East officially came together to strengthen their shared mission, Trinity has sought to help every patient lead their healthiest life through affordable access to needed care.
Rising out-of-pocket expenses and high deductible health plans (HDHPs), with annual deductibles as high as $6,550 for individuals and $13,100 for families, are impacting patients everywhere, regardless of their location or financial situation.
Alarmed by these trends, Trinity launched a search for a patient financing program with the following goals:
- Improve the patient experience by offering an affordable method to pay out-of-pocket medical expenses over an extended period of time
- Accelerate cash flow through immediate funding of patient accounts
- Improve patient satisfaction survey results and grow patient loyalty
In 2013 Trinity partnered with AccessOne to streamline and accelerate patient access to financing by:
- Creating standardized scripting to discuss the advantages of the financing program
- Allowing for payments to be adjusted when unforeseen financial issues arise
- Offering a 12-month / 0% interest payment plan to build patient loyalty
The need for accessible patient financing is still as prevalent today as it was when Trinity Health first began its search. According to research from the Economic Well-Being of U.S. Households, 40% of Americans can’t cover a $400 emergency expense.
As patients’ out of pocket costs increase, it was important to find a resolution that helped us manage their costs while not financially burdening our organization. AccessOne met that need perfectly! Our staff can now focus on other areas and our patients can make reasonable monthly payments.
Director of Central Operations