CarePayment Reports Strong Growth in 2020 Despite COVID Impacts
Published: Tuesday, December 22, 2020 1:44 pm
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."