Emory Healthcare and CarePayment offer affordable payment plans to patients
Emory Healthcare is partnering with CarePayment, a national patient financing firm, to offer a flexible payment program for patients, many of whom are faced with rising deductibles and out-of-pocket expenses. With six hospitals, 200 provider locations and 1,800 providers, Emory Healthcare treats more than 1.2 million patients each year.
The CarePayment program features 0.00% APR for the life of the account. A $15 annual membership fee applies every year there is a balance. Emory Healthcare patients are eligible for the CarePayment program regardless of employment, insurance or credit history. CarePayment does not require an application or credit check and thus does not affect credit scores.
“We were determined to find the most patient-friendly option to assist patients,” said Taylor Williams, director of Patient Financial Services for Emory Clinic. “In the middle of a health care crisis or recovering from an illness, concern over how to fund health care 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.”
More than one out of every four families, or 26.8 percent, struggled to pay for medical care in 2012, according to the Centers for Disease Control’s National Center for Health Statistics. And nearly two-thirds, or 64 percent, of people don’t have $1,000 to cover an emergency expense, according to a poll by the National Foundation for Credit Counseling.
“A longtime national leader in medicine, Emory Healthcare also is at the forefront of patient financial engagement,” says Craig Hodges, CEO of CarePayment. “Studies show that patient satisfaction with their provider is heavily influenced by their experience during the billing process. With CarePayment, Emory is making patient-friendly financial interactions a priority.”
The CarePayment program is helping Emory Healthcare expand its pioneering efforts to address the rise of consumerism among patients, who are demanding more information about healthcare prices. Emory is one of the first health care systems of its size nationally to provide sophisticated cost estimates for patients that factor in their specific health insurance coverage since costs under the same plan can vary from provider to provider. Rather than waiting until a patient misses a payment, Emory also provides patients with financial counselors upfront, at scheduling and registration, to discuss options such as financial assistance, and now, CarePayment.
“We’ve seen a tremendous increase in recent years of patients calling to ask prices -- basically shopping for care,” says James Perry, system director of Revenue Cycle Operations for Emory Hospitals. “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.”
For greater patient convenience, CarePayment can combine charges into one account with one monthly payment. Patients can also add additional approved charges as long as their account is in good standing. CarePayment also offers a variety of ways to manage accounts, including automatic payments, mobile and online account access, and paper or electronic statements. For more information on the CarePayment program at Emory, visit http://emoryhealthcare.org/patient-guide/billing/carepayment-program.html.
For more information on Emory’s financial assistance program, visit http://www.emoryhealthcare.org/patient-guide/billing/charity-care-policy.html.
About Emory Healthcare
Emory Healthcare, with more than 16,000 employees, is the largest and most comprehensive health system in Georgia. In fiscal year 2013, Emory Healthcare had $2.7 billion in annual net revenue and provided $80.3 million in charity care. System-wide, it has 1,830 licensed patient beds.
Emory Healthcare is the only health system in Georgia with two Magnet-designated hospitals, Emory Saint Joseph’s Hospital and Emory University Hospital, for nursing excellence. In 2014, University HealthSystem Consortium (UHC), a national organization comprised of most of the nation’s leading academic medical centers, ranked Emory University Hospital (combined with Emory University Orthopaedics & Spine Hospital) eighth nationally in the UHC Quality Leadership Awards. This is the fourth consecutive year that Emory University Hospital has ranked in the top 10 for demonstrating superior performance in delivering high-quality care and safety excellence.
Emory Healthcare’s core purpose: "To serve humanity by improving health through integration of education, discovery and health care." For more information, visit www.emoryhealthcare.org.
About CarePayment®
Headquartered in Lake Oswego, Oregon, CarePayment is a patient financial engagement company that accelerates provider transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at http://www.carepayment.com
