(April 2024) – The Consumer Financial Protection Bureau, U.S. Department of Health and Human Services and U.S. Department of Treasury launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that encourage patients to pay for routine medical care and drive up health care costs and medical debt. The request for information builds on CFPB research on medical payment products and medical billing and collections, in addition to other actions by the CFPB and federal agencies to relieve the burden of medical debt and collections practices.
You can learn more about the inquiry below:
AblePay – KHSC Endorsed Business Partner
We are excited that the Kansas Health Service Corportation-endorsed business partner (AblePay) is the "antithesis" of the concerns highlighted above. AblePay (based out of Allentown, PA) is addressing the affordability gap by helping patients with savings on out-of-pocket expenses (up to 13 percent), savings over time, or extended terms with 0 percent interest, while also providing advocacy services if a patient has a question on a bill. Their solution is rapidly expanding across the country by helping both providers and their patients. AblePay is significantly changing the financial landscape for providers and their patients.
Ephraim McDowell Health Case Study: Improving Revenues and Patient Relationships with AblePay
Ephraim McDowell Health serves patients in six counties in Central Kentucky through three hospitals (two critical access) and 48 outpatient centers. It has more than 1,700 employees and $282 million in annual net revenue.
With revenues declining and the cost of collecting patient out-of-pocket responsibility steadily rising, Ephraim McDowell Health was in search of a way to improve its patient post-insurance collections.
Ephraim McDowell selected AblePay's unique process to increase revenue and decrease the cost of collections while also enhancing the experience for their patients. By assuming all payment risks, AblePay not only eliminated the unpredictability of patient payments, but all the associated costs. This positively impacted the health system while patients benefited from the savings, flexible payment options, a convenient payment portal and billing advocacy provided by AblePay.
The results of the Ephraim case study with AblePay included:
- 106 percent increase in collection rate compared to their historical collection rate.
- 48 percent increase in revenue per patient.
- 46.2 percent of patients who enrolled in AblePay paid zero on prior bills.
- Days to collect decreased from 107 days to 14 days for AblePay members.