Patient Financing Services 2023
11 April 23
| Gordon Bishop, Mac Boyter and Tyler Sycamore
Patients face many difficulties when paying for healthcare services due to the cost of care as well as increasingly high deductibles and co-pays. The majority of hospitals offer payment plans that last an average of six months, and the limited time frames lead to higher rates of bad debt. Patient financing services firms provide flexible, long-term payment plans (i.e., longer than six months) that can generate increased revenue for provider organizations and improve the patient experience. This report is KLAS’ first to focus on patient financing services, the associated successes and challenges, and clients’ perspectives of their firms.