Recourse program

Exploring various patient payment options is becoming increasingly important for hospitals and health systems as more patients take on greater financial responsibility for their healthcare costs. That number is going to jump to 95 percent by , predicts TransUnion.

To answer that question, here are five steps for evaluating recourse versus nonrecourse patient financing. In addition, recourse options offer revolving credit lines at no- to low-interest rates and affordable monthly payments. Nonrecourse programs typically require credit scores of at least , which excludes almost one-third of Americans.

This population is often made up of patients who need installment payments the most. In addition, nonrecourse programs also charge anywhere from percent interest, depending on term length and credit score. Patients with higher credit scores qualify for lower rates. Determine the impact to your bottom line. With recourse programs, the majority of financing companies immediately fund the full balance of all referred patient accounts, minus a service fee.

Because the typical collection rate for recourse programs hovers around 90 percent, hospitals and health systems see improved cash flow, an increase in net revenues, and reduced bad debt, even when accounting for service fees. Nonrecourse programs operate in a similar fashion, funding the full balance owed to hospitals, with some charging the equivalent of merchant fees, once patients apply and are approved for loans. Patients also pay for the program through interest charges.

Often times these chargebacks are non-negotiable, so you can find yourself in a very tough situation if you are depending on that money for either business or personal needs. This type of hybrid program can be difficult to catch. So it is important to look into a factoring offer for more than just the rate. Before choosing your factoring company, ask them if they will notify you before a chargeback hits.

As you are looking at different factoring companies and programs to see which one is best for your trucking company, be sure to understand the full details of your program. So, take on a different program to experience the OTR Advantage. Questions or comments about freight factoring programs or anything else?

Email us at marketing otrcapital. Comparing Freight Factoring Programs Before understanding which freight factoring program is best for you, check out our post about the benefits of a using factoring company. You just never feel well. Wake up some days depressed and unable to get out of bed. Struggling at work, unable to get projects done well and follow through on commitments.

You know you can crush it and create positive change, but you struggle to do so. You have seen ALL the doctors, but you still often feel unwell. You have read all the self-help books and still feel untethered. Do you want to be a Brain Health Hero? Sign Me Up! Looks Awseome! I am In! Not sure this is for you? Email me at katie recoursecoaching. Program Format: Learning modules on the three core areas and how to implement each part of them into your life are delivered weekly through video and written content.

Weekly live group coaching calls through Zoom where you submit questions beforehand so I can address them live with you, or, if you can not make the live call then your question still gets answered and you can hear it in the recording.

Zoom calls TBD based on participant schedules. Weekly office hours where you can sign up for coaching with me in case there are things you do not want to ask during the live group coaching call. Private Facebook community we all need more community right now, so we can support each other and I can answer questions and provide guidance daily. Guest coaches , who will be listed below as they are able to confirm participation!