TransUnion Partners With CarePayment(R) to Help Healthcare Patients Pay Off Debt While Increasing Hospital Cash Flow |
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By: TransUnion Posted: 2008-08-13 06:27:04 |
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TransUnion announced today that users of its patented Revenue Manager(SM) healthcare solution will now have the option of using CarePayment(R), a program offered and managed by Aequitas Capital Management, Inc. that will be accessible through TransUnion's Revenue Manager. CarePayment improves hospital cash flow and receivable yields by providing patients with a non-discriminatory, interest-free, hospital-branded finance card for their patients.
"According to the American Hospital Association, the total amount of uncompensated care provided by hospitals was more than $31.2 billion in 2006. As patients take on even greater financial responsibility for healthcare costs, offering CarePayment's unique patient finance solution with TransUnion Revenue Manager makes absolute sense for both patients and hospitals," said Mike Snitman, vice president of TransUnion's healthcare group. "Our partnership ensures that patients have greater flexibility to pay off their debt, while helping hospitals significantly increase their cash flow." Steve Wright, senior managing director of healthcare markets at Aequitas Capital, indicated that CarePayment is helping hospitals nationwide to achieve significant improvement in their overall patient-pay receivable portfolio yields. "Hospitals offering CarePayment have experienced average net collection results of 40 percent compared to 20 percent or less prior to implementing the program," said Wright. "With our zero interest finance card, patients no longer have to use high-interest credit loans to pay for unexpected medical costs. In addition to improving their key financial metrics, our hospital clients are also enhancing their overall mission by helping patients avoid financial hardship." Highlights of the fully-automated CarePayment finance card offered by Aequitas Capital include: -- All patients are pre-approved (a valid social security number is required) -- New account process is fully automated, thus no application forms, documentation or approval processes are required -- Provides manageable monthly payments for consumers -- 4 percent of the highest balance or $25, whichever is greater -- 0.00 percent interest program provides extended payment terms, accelerated principal reduction, better payment performance and greater patient and community acceptance The CarePayment finance card is hospital branded and provides monthly statements, inbound/outbound customer service calls, payment processing, reporting, web access and late payment management. At those healthcare customers who opt to use the CarePayment program, a CarePayment finance card will be offered to patients during the TransUnion Revenue Manager pre-qualifying process. TransUnion's Revenue Manager instantaneously verifies patient identity and self-reported information at registration, and performs calculations based on patient information and eligibility requirements to pre-qualify applicants and their family members for optimal financial assistance programs. Patient demographic information is pre-populated on all enrollment forms; ready for immediate printing, signature and submission. About TransUnion As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs more than 3,600 employees in more than 25 countries on five continents. http://www.transunion.com/healthcare About Aequitas Capital Management, Inc. Aequitas Capital is a value oriented alternative investment manager, offering a variety of private equity, mezzanine and secured debt investment strategies, focusing on lower middle market companies, as well as the healthcare and energy sectors. Aequitas Capital also provides financial advisory services through its subsidiaries, Aequitas Investment Management, LLC and Windswept Capital, LLC, including mergers and acquisitions, commercial finance solutions, restructuring, recapitalization and fund placement. For more information, visit Aequitas Capital on the web at http://www.aequitascapital.com or call 503-419-3500. |
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