Emory Healthcare adds CarePayment option for flexible payments

Emory Healthcare this week said it will partner with payment financing firm CarePayment to create a flexible payment system as patients continue to be stretched thin by rising deductibles and out-of-pocket expenses.

 

The Atlanta-based health system operates six hospitals and treats more than 1.2 people annually.

 

According to the system, CarePayment will set up payment accounts for patients that will not charge interest on balances. Instead, the program charges patients a $15 annual fee for as long as the account has a balance. According to Emory, employment and credit history are not factors in enrollment.

 

“We were determined to find the most patient-friendly option to assist patients,” Taylor Williams, director of Patient Financial Services for Emory Clinic, said in a statement. “In the middle of a healthcare crisis or recovering from an illness, concern over how to fund healthcare can be challenging for patients and their family. Using this option allows us to alleviate that stress for our patients by providing a way to better manage the payment process.”

 

[See also: Applying Lean Six Sigma tool to the healthcare revenue cycle.]

 

Emory said adopting CarePayment comes as result to a more consumer-based approach many patients are taking towards healthcare. Patients are more often asking for information about treatment costs up front when deciding whether to receive the care.

 

CarePayment allows patients to lump their medical expenses into one account and make a monthly payment towards that balance. As long as their accounts are in good standing, they can add more charges to the accounts.

 

“We don’t want price to be the reason anyone forgoes necessary care. This option gives us another important program to help make care affordable and serve our communities,” said James Perry, system director of Revenue Cycle Operations for Emory Hospitals.