EZPAY Advantage® For The Healthcare Industry

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EZPAY Advantage® for The Healthcare Industry

What is the EZPAY Advantage®?

EZPAY Advantage® is a deferred payment program offered by Secure Payment Systems ("SPS") that allows patients to finance healthcare payments  over 3, 6, or 12 months utilizing their bank issued debit card.  

Healthcare Markets We Serve

• Independent Group Practices
• Regional And National Hospital And Healthcare Systems
• Specialty Health Group Practices
• Urgent Care, Ambulatory Surgical Centers/Out-Patient Care
• Ambulance Services
• Practice Management Organizations
• Dental Practices 
• Veterinarian Practices

Patient Financing - A Case Study

Navigating the multitude of patient financing options in the healthcare industry can be challenging for any practice.  Which provider to use, which program to implement, how reimbursements are provided, impact to overall revenue and expenses, patient approval rates and goodwill are all valid questions.  

To provide clarity, SPS has sponsored "Healthcare Patient Financing Solution: A Case Study" which addresses the questions and provides direction on the best practices. In the case of this study, the practice outlined specific objectives which SPS then used to create the solution.  The result was the implementation of EZPAY Advantage program which  generated an additional $571,000 in new incremental revenue.

For a summary of the study, please CLICK HERE.  The complete study is also available upon request via our Contact Us page.  

Enterprise-Wide Patient Financing Options for the Widest Range of Patient Credit Scores

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Gone are the days when practices billed patients for their deductibles, coinsurance, and co-payments. Patients with the means to pay for such out-of-pocket expenses, usually do so by debit or credit card. When cash is tight, patients may turn to alternative financing, typically through healthcare credit-card products suited for patients with the best credit. If your practice is one of the lucky ones, with patients having a FICO™ score of 680 or better, that’s good news. But, what do you offer the other 40% to 65% of your patients when they present with less than perfect credit and are struggling to meet their out-of-pocket expenses?

If you are denying healthcare services to patients who don’t have the immediate cash to pay their deductibles and other out-of-pocket expenses at “time of service” you may be doing a disservice to your organization, patients, and community.

Using EZPAY Advantage® solves a major problem for Practices – Get the consumer payment before the patient becomes a receivable challenge.

There are viable financing alternatives to enable your practice to treat the patient and to get paid without the worry that the services you perform will end up in collections and ultimately result in a charge-off.

The dental and veterinarian industry has long offered patient financing in their payment options, especially for those who do not have dental or pet insurance.   The challenge has been low approval rates from the financing providers who typically only consider high credit individuals.  This creates low approval rates, patient dissatisfaction due to declines, and uncomfortable  situations for your office staff.

EZPAY Advantage® has an average approval rate of 65.2% but also considers individuals with credit scores as low as 525.  Other providers in the market typically do not even consider credit scores lower than 650.  Using our proprietary risk management system, EZPAY Advantage® approvals can significantly exceed results of other financing options.

Click here to learn more EZPAY Advantage for time of service payment solutions.

EZPAY Advantage® Time of Service Solutions ("TOS") 

In Patient Including Pre-Admissions / Intake:   Admissions determines an acceptable deposit based on the admissions “matrix” following triage or patient interview.  This is what SPS calls a “pre-auth approval” process. This is similar to a restaurant authorization where the approval can be for more than the charge, with a +25% open-to-buy, etc. It’s like a tip add feature.