Because our program offers patients an easier way to pay for their services (for example, $75 a month instead of $3,000 all at once), we are able to obtain payment from patients who otherwise wouldn’t be able to pay the hospital. Therefore, we are able to increase patient payment rates and reduce bad debt.
Further, because we provide cash upfront for these accounts, the hospital gets cash sooner and lowers AR days outstanding.
And because Vitality manages the enrolled accounts, hospitals can reduce their internal cost to collect by outsourcing the management of hundreds or thousands of individual patient accounts.
Finally, because Vitality offers affordable payment options (as low as 0% interest) that are much cheaper than credit cards, have longer terms than the typical payment plans and offer discounts on large balances and financial counseling, our program generates positive PR for the hospital or provider.
