Long-term payment plans aren’t something many hospitals and health organizations can offer to people. Doing so requires enormous amounts of capital at a time when most hospitals struggle with cash flow. Meanwhile, most patients find a surprise bill or are surprised by the number of bills after a hospital stay.
That’s where third-party patient financing options such as Horizon Health Fund can help. Naturally, hospital administrators have questions about how this operates. After all, these are your patients, and you don’t want to offer something difficult or harmful in the long run. Here are some of the FAQs we hear from hospital administrators and managers.
Q: How do our patients get signed up for your program?
A: Horizon Health Fund does not have an application. Once a patient account is sent to HHF, we will contact them to determine which payment plan is best for their budget. We will then have them sign a loan agreement with the terms outlined and send monthly statements. You can include our information in any pre-service, payment, or billing materials you transmit to potential and current customers.
Q: What if a patient defaults?
A: If someone misses three payments, the account is returned to the hospital. The hospital can then forward to collections for further review if desired. Horizon Health Fund will not charge you a fee on any portion of a balance that was not collected. Please visit Professional Recovery Consultants if you need a collection agency partner.
Q: How much do your services cost?
A: We will pay you a percentage of every patient balance that is sent to us. Several factors determine this percentage including:
- Whether you would like to charge the patient interest.
- How many accounts you expect to refer to monthly.
- Do you want to charge the patient fees?
- What the average balance is of the accounts referred.
Q: How much funding are you able to provide us?
A: That is entirely dependent on the volume and balance of accounts you send to Horizon Health Fund. We can fund $100,000 a month or $1 million a month. We will work tirelessly to set up all accounts referred to us.
Learn more on our FAQ page for patients using the program.