Archives     Advertise     Editorial Calendar     Subscribe     Contact Us    


CarePayment Reports Strong Growth in 2020 Despite COVID Impacts


 

CarePayment, a patient financing company that partners with providers to make healthcare affordable through 0.00% APR payment plans, has had a significant year of growth, despite the impacts of COVID-19 on the healthcare industry. The company has reported double digit revenue growth for the 4th year in a row, and a more than 20%increase in operating performance (EBITDA) year-over-year, all while adding new provider customers and patient members.

2019 was a record year for CarePayment, reaching the status as the largest patient financing vendor in the industry. In spite of this year's economic pressures, the company's growth in 2020 has continued at a steady pace. It has reached more than 6.1 million patients served after signing 12 new providers to its program this year, including one of the largest academic medical centers and one of the largest non-profit health systems in the United States.

"Throughout the pandemic, health systems have suffered unprecedented losses while many patients have delayed important medical care due to financial insecurity," said CarePayment CEO Craig Hodges. "This economic crisis, coupled with the rise in high-deductible health plans, has pushed patients to assume even more responsibility for their health needs. We're proud to play a part in supporting our provider partner's efforts to encourage patients to get the care they need, helping patients pay for their medical care they have already received, and drive increased revenue for providers so they invest back into their teams and communities."

To support the increase in providers and patients served, CarePayment redesigned its website for a better user experience and launched the Advanced Patient Engagement Platform which includes capabilities for early digital patient engagement messaging (as early as registration/scheduling), digital-first enrollment, text-to-pay functionality, all integrated with high-touch human support and an intelligent account servicing workflow that engages more patients by eliminating needless barriers to service. These new capabilities will expand CarePayment's ability to engage more patients and provide a critical service to providers.

To power CarePayment's Advanced Engagement Platform and omni-channel approach to patient and payment engagement, CarePayment entered into a partnership with Acoustic, a global independent marketing cloud with an international client base of more than 3,500 brands, including fortune 500 companies. CarePayment will work with Acoustic Campaign to drive highly targeted, intelligence-based outreach to improve engagement and payment.

"The CarePayment team has remained focused on providing innovative, best-in-class programs, solutions, and customer service to both providers and patients, despite the strain that the pandemic placed on the healthcare industry," said Ed Caldwell, Chief Revenue Officer at CarePayment. "As providers look at the most effective and efficient ways to help patients pay for their medical care in 2021 and beyond, they recognize that our unique approach to patient financing engages more patients than any other solution, and our digital first approach with high-touch, human support when needed is more valuable than ever. Our mission to help patients get the care they need when they need it, while also helping providers improve revenue, has never been more important."

Share:

 

Email Print

 

More Grand Rounds:

 

ACEP Applauds Removal of X-waiver, Expanding Medication-assisted Treatment for Opioid Use Disorder

Read More

Youtube Announces A New Team, Led By Dr. Garth Graham, To Bring More Authoritative, Engaging Health Content To The Platform

YouTube is unveiling a new health partnerships team to address the evolving digital health needs of consumers and the desire for clinicians to be able to communicate beyond the exam room.

Read More

Centerstone Earns Five-Year Reaccreditation from American Association of Suicidology

Centerstone, a national leader in behavioral healthcare, has received a five-year reaccreditation from the American Association of Suicidology (AAS) for its Crisis Services line of care.

Read More

Heritage Group Launches $300 Million Oversubscribed Third Fund

Heritage Group Launches $300 Million Oversubscribed Third Fund

Backed by Leading National Healthcare Organizations, Heritage Group Utilizes Strategic Private Equity Investing Model to Address Healthcare's Greatest Challenges

Read More

Nashville's Specialty Dental Brands Garners $107 Million in New Financing

Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, announced the closing of a $107 million senior credit facility to Specialty Dental Brands ("SDB" or "the Company") a dental services organization headquartered in Nashville, which focuses on pediatric dentistry, orthodontics, and oral surgery.

Read More

Onlife Health Honored with Nation's Best and Brightest in Wellness® Award for Fourth Consecutive Year

Onlife Health, a GuideWell Company with 23 years of experience in delivering well-being-engagement solutions, today announced it has received the Fall 2020 Nation's Best and Brightest in Wellness® award from the National Association for Business Resources (NABR).

Read More

Covenant Physician Partners Announces Goran Dragolovic to Succeed Lew Little as President and CEO

Covenant Physician Partners (Covenant), a rapidly growing physician services company, announced today that Goran Dragolovic will succeed Lew Little as President and Chief Executive Officer, effective January 11, 2021.

Read More

Integrated Oncology Network Announces Strategic Partnership with Southwest Urology

Integrated Oncology Network Announces Strategic Partnership with Southwest Urology

Cleveland multi-specialty platform pivotal to strategic growth of nationwide networks

Read More

Simplify ASC Acquires PhyBus Revenue Services

Ambulatory Surgery Center operators have a unique hybrid offering to leverage.

Read More

Ascend Federal Credit Union Donates $50,000 to Monroe Carell Jr. Children's Hospital at Vanderbilt

Ascend Federal Credit Union Donates $50,000 to Monroe Carell Jr. Children's Hospital at Vanderbilt

Ascend Federal Credit Union, the largest credit union in Middle Tennessee, today announced a donation of $50,000 to Monroe Carell Jr. Children's Hospital at Vanderbilt.

Read More

Patsy Powers and Brent Hill to lead Waller's Nationally Recognized Healthcare Industry Team

Patsy Powers and Brent Hill to lead Waller's Nationally Recognized Healthcare Industry Team

Attorneys enhance leadership roles at one of the nation's largest healthcare law firms

Read More

Skylight Health Announces Closing of Tennessee Clinic with $2.2 Million in Revenue and Positive EBITDA

Skylight Health Group Inc (CSE:SHG; OTCQX: CBIIF) ("SHG" or the "Company"), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has closed on the acquisition of Healthcare Resources Management LLC ("HRM") which operates Perimeter Pain and Primary Clinic ("Perimeter") in Cookeville, Tennessee.

Read More

Michael Christie, MD, Receives 2020 AAHKS Humanitarian Award

Michael Christie, MD, Receives 2020 AAHKS Humanitarian Award

Michael Christie, MD, orthopedic surgeon at Southern Joint Replacement Institute and TriStar Centennial Medical Center, was awarded the 2020 Humanitarian Award from the American Association of Hip and Knee Surgeons (AAHKS).

Read More

VUMC Acquires Tennova's Shelbyville and Tullahoma Hospitals from CHS and is Now Partnered with Tennova Healthcare-Clarksville Hospital

Read More

BlueCross Foundation Providing $1.75 Million to Tennessee Food Banks

BlueCross Foundation Providing $1.75 Million to Tennessee Food Banks

$5 million given this year to address food insecurity issues related to the COVID-19 pandemic

Read More

emids Taps Industry Veteran Sriraman Nagarajan to Lead Life Sciences Business Unit

emids Taps Industry Veteran Sriraman Nagarajan to Lead Life Sciences Business Unit

emids, a leader in digital engineering and transformation solutions to the healthcare industry, today announced the appointment of Sriraman Nagarajan as President of its Life Sciences business unit.

Read More

Alzheimer's Foundation of America: Congress Approves Historic $3.12 Billion Appropriation for Federal Alzheimer's Research Funding

As part of its end of year spending package, Congress approved passage of the Health and Human Services (HHS) budget for fiscal year (FY) 2021, which is expected to be signed by the President, with an additional $300 million designated for Alzheimer's disease research at the National Institutes for Health (NIH)-- bringing federal funding to find an Alzheimer's cure to a total of $3.12 billion.

Read More

Sarah Cannon promotes Melissa Johnson, MD, to Program Director, Lung Cancer Research

Sarah Cannon promotes Melissa Johnson, MD, to Program Director, Lung Cancer Research

Sarah Cannon announced the promotion of Melissa Johnson, MD, to Program Director of Lung Cancer Research. In her new role, Dr. Johnson will lead the lung cancer clinical trial portfolio across the Sarah Cannon network.

Read More

Very Real Help Announces Grant from the National Institute on Drug Abuse

Very Real Help (VRH), a company developing a novel mental health application, announced today a $206,000 grant from the National Institute on Drug Abuse to use their groundbreaking peer-support mental health platform as a clinical research tool to improve treatment for individuals living with opioid use disorder.

Read More

THE HUFF PROJECT DONATES $35,000 TO VANDERBILT-INGRAM CANCER CENTER

THE HUFF PROJECT DONATES $35,000 TO VANDERBILT-INGRAM CANCER CENTER

Gift to Help Fund Development of Lung Cancer Education Tool by VUMC Physician

Read More

 
 


Tags:
None
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: