Posted by Margaret Dallmann, Vice President of Sales, Health Payment Systems on 01/17/2017
The healthcare payment system is ripe for improvement. With the increasing number of high-deductible health plans, healthcare providers are struggling to collect payments from employees. This process leaves employees confused and frustrated, causing them to search for better ways to pay their healthcare bills. Fortunately, if you offer healthcare benefits to your employees, there are now solutions available from HPS that can make their lives easier. HPS leads the competition as the only company that consolidates consumer’s healthcare bills and Explanation of Benefits (EOB) into one monthly,credit card-like statement, making it much easier for your employees to understand and pay their healthcare bills.
Healthcare providers must increasingly focus on collecting money from employees instead of focusing on improving their health. A recent study found that 55 percent of respondents had received a medical bill they could not afford. The same study found 37 percent of Americans could not pay for an unexpected medical bill that exceeded $100 without going into debt, and only 23 percent of Americans were able to cover an unexpected medical bill for more than $2,000. According to GE Healthcare, hospitals lose between 2 percent and 5 percent of their net patient revenue to avoidable claim denials written off to bad debt. So, as healthcare costs continue to rise, the problem will only get worse.
Over 10 years ago, Jim Brindley, the founder of HPS, had a health crisis and thought, “There has to be a better way.” He gathered a group of top technology experts and together they built a better system. HPS patented technology consolidates healthcare claims and bills from multiple in-network providers into a single credit card-like statement called the SuperEOB®. The SuperEOB® makes it easy for consumers to understand exactly what they need to pay and helps them control the money their family spends on healthcare through affordable payment plans. It all adds up to a better employee experience.
When they understand their bills, employees are less stressed. And with HPS, employees pay healthcare providers faster and at a higher collection rate than with traditional billing. According to a 2017 survey:
HPS is the first and only company to offer a consolidated monthly healthcare bill and EOB, eliminating all the extra paperwork. HPS accelerates cash flow and collection rates for providers, while mitigating their collection risk. That’s why HPS has been able to provide a lower-than-market healthcare cost trend to their employer clients in Wisconsin.
At HPS, healthcare consumers are provided with one statement, one monthly payment, and one place to call. The mission is to build better communities by enhancing the health care payment experience and eliminating billing confusion, allowing consumers to spend more time on what matters most to them.
Learn more today at HPS website .