ClearBalance is a consumer-centric loan program that provides patients with a zero interest revolving line of credit to pay for their medical bills.
After Hackensack implemented the ClearBalance loan program in 2016, the health system decreased bad debt from patient pay by over $1 million while achieving return on investment of 380 percent.
St. Vincent reduced bad debt from patient pay by $7 million in 2016 and achieved a ROI of 435.5 percent.
“Demand for extended payment plans continues to rise,” Bruce Haupt, president and CEO of ClearBalance, said in the press release. “By offering the ClearBalance program, Hackensack Meridian Health and St. Vincent are being proactive in making care affordable for all members of their communities.”
Four other healthcare facilities were also recognized for their achievements in 2016. Read the full list here.
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