Patient Payment Plan™
Medical providers can immediately increase their revenues with a new service that allows them to deduct monthly payments quickly, automatically and directly from their patients’ checking accounts.
The Problem: Collecting Money From Patients
Even with insurance claims a significant portion of a doctor’s income comes directly from their patients. The problem is that many of these patients do not have the money to pay for treatment right away. This immediately forces doctors to either extend credit to patients or refuse to treat them. By extending credit the doctor takes the personal risk that the patient will never pay, which added up over time can total tens of thousands of dollars in potential profits each year. By turning new clients away they slow the growth of their practices and deny the potential revenue boost. It is a no-win situation: either turn away business and lose money, or accept business that they know there is a good chance they will not get paid and lose money.
It is a well known fact that not every patient visit is covered 100% by insurance. Now realize that statistics show 31% of Americans do not carry any health insurance at all. These patients have no other option but to pay for medical treatment out of their pocket. Statistics have proven on average that doctors only collect 49% of the money their patients owe them. What if doctors were guaranteed they could collect 98% of the money they were owed?
How Bad Is This Problem For You?
Every situation is different and may be better or worse than the national average. Even if just 15% of a doctor’s patients do not pay, that represents a large amount of money each year. The important part is this: that 15% represents lost profits. Doctors often do not consider how much money they are leaving on the table by using their current methods to handle this situation. You can take a moment to use our online calculator to see how even a slight percentage can add up to significant lost profits annually. The calculator will show how much money a doctor is losing by extending risky credit and by turning away new potential patients.
The Solution: The Patient Payment Plan™
Finally, there is a solution to this problem. The Patient Payment Plan™ (PPP) is revolutionizing the way doctors across the country collect money from their patients. It allows them to collect a significantly higher portion of the money that they have already earned, in most cases 98% of that money. All of this can be done without alienating or harassing patients, and without burdensome overhead expenses. In fact, the PPP has no ongoing expense or cost to the doctor. Now patients have the ability to make affordable monthly payments without the need to apply for credit or go through a lengthy approval process. These payments are then automatically taken out of their bank account each month until their bill is paid.
Extremely Easy To Implement Into Your Practice
Here is how it works. A doctor presents an explanation flyer provided by us to the patient explaining the PPP. The patient literally takes less than a minute to fill out and sign a simple one page agreement. This agreement allows the doctor to draft the patient’s bank account for a specific amount with a service fee added each month until the bill is paid. The doctor then forwards that agreement to our office. Our proprietary software package allows us to print checks on behalf of the doctor’s patients on the same day every month and deliver them to their office for immediate deposit. It is that simple. There is no invoicing to handle, no waiting for checks to be mailed in, no embarrassing follow-up calls for staff members to make requiring them to badger or threaten patients for money. No mess. No fuss. Doctors just get their money on time for a change.
Calculate Additional Revenue
See Your Savings Using Our Exclusive Patient Payment Plan™
Instructions: Fill out the fields listed under “Your Numbers Now”. Make sure to use only whole numbers. Do not worry if your figures are not exact, this worksheet is merely intended to give one a general idea of the potential revenue you can earn using the PPP.
To request a detailed analysis of your practice and see what it is really costing to process your claims contact us today!
| Patient Payment Plan™ | Average Doctor Without PPP | Average Doctor Using PPP | Enter Your Numbers Now |
|---|---|---|---|
| Number of Outstanding Accounts Annually | 125 | 125 | |
| Average Outstanding Balance | $450 | $450 | |
| Total Amount of Money Left Outstanding Annually | $56,250 | $56,250 | |
| Percentage of Outstanding Money Never Collected | 40% | 2% | |
| Annual Lost Revenue from Non-Collected Accounts | $22,500 | $1,125 | |
| Additional Revenue Collected Annually on Outstanding Accounts Due To PPP | $21,375 | ||
| Number of Patients Rejected Annually that Cannot Pay Who Would Have Qualified Using PPP | 36 | 0 | |
| Average Amount of Money Billed to Each New Patient | $600 | $600 | |
| Annual Revenue Lost Due to Rejected Patients Because of Credit Risk | $21,600 | $0 | |
| Additional Revenue From Credit Risk Patients Annually using PPP | $21,600 | ||
| Total Combined Income From PPP Annually (Outstanding Accounts + Credit Risk Accounts) | $42,975 | ||
FAQ
How much does the Patient Payment Plan™ cost?
There is only an initial setup fee with no ongoing cost to you. The way we make money is by charging the patient a percentage of their monthly payment, plus a one-time set up fee to enter them into the system. Please contact a representative to discuss these fees for your practice.
Will my patients actually consent to having their accounts drafted every month… and paying the service charge?
YES. Think about it. If a patient has a bill of $500 to pay out of pocket, you can now offer them the ability to make smaller monthly payments instead of paying in one lump sum. You can choose the amount of the payments, but let us say for this example that you decide to have the patient pay $50 a month for 10 months. That is $500 dollars, right? To keep the math easy let us add a 5% service charge to their $50 payment. The patient now has to pay $2.50 for the service fee to use the service that month, bringing their total monthly payment to $52.50. Do you think that for an extra $2.50 a month the patient is going to turn you down? Generally the answer is no. In essence, you have just extended them credit at an extremely low 5% interest, without a credit check or additional hassles. Try finding a credit card that is so generous! And remember, the important thing here is that the money will be automatically drafted out of their account every month, which virtually assures you of payment.
How do you collect your service fees from me, the doctor?
It is a simple process. We automatically draft your account the day after the patient checks are deposited for the total amount of the combined service fees. For example, we will use a 5% service fee. If you have 20 patients on the plan who pay you $50 a month, they would each incur a $2.50 service fee, making their total payment $52.50. So each month, we would be depositing $1,000 worth of payments into your account, plus the $50 worth of service fees for a total of $1,050. We simply draft your account and collect our $50 fee. It is completely hassle free for you and does not cost a thing.
Does the monthly payment have to be the same amount for each patient?
NO, our program is completely flexible. Payment amounts can be different for each patient depending on their circumstances. You may have a patient who owes you $2,200, and you could put him on a plan to draft $220 out of his account for 10 months. You could also draft $100 for 22 months, or $22 for 100 months. It is completely up to you. You just need to take a look at each patient and decide how much they will be willing and able to pay and set your payments accordingly.
What about paperwork? Is it complicated and time-consuming?
NO, it could not be simpler. First of all, we will provide you with professionally designed literature that describes the Patient Payment Plan™ to your patients and lets them know exactly how it works. Then we provide you with application forms in electronic format so that you can easily print copies for your patients. The patient fills out this easy, one page form with all of the pertinent information about himself and his banking information. The last step is to attach a check made out to “Platinum Cash Flow Solutions” for the one time setup fee. The application form and check are then sent to our office. There is nothing more to it than that.