The Midland Patient Payment Plan
Many hospitals are actively searching for a managed payment program that builds stable, reliable cash flow with low overhead costs. Many hospitals are also interested in reducing administrative costs while receiving a healthier return from self-pay patients. These hospitals, and many others like them, are genuinely committed to helping patients meet their financial responsibilities in a friendly manner – but would like to do so without giving up a significant percentage of their revenue and cash flow to traditional collection agencies.
Patient Debt: Tackling a Growing Problem
At The Midland Group, we offer our client hospitals an unwavering commitment to a shared goal: maximize hospital revenue and cash flow while helping patients meet their financial obligations. We are committed to reducing patient debt because our company understands that the financial health of the hospital is an essential element to the overall health of the communities they serve.
This notion that we can collectively improve people’s access to healthcare by protecting the financial health of hospitals is a sound one based on volumes of research and over 25 years of practice. Hospital patient debt, in some respects, is a malignancy that erodes the health of the hospital – dollar by dollar.
Midland’s Payment Plan is Here to Help
Fortunately, the Payment Plan from The Midland Group is a solution to all of these concerns and issues. The Midland Payment Plan is a managed payment arrangement that is fully administered by The Midland Group at no cost to the participating hospital. This managed payment program provides hospitals with a payment option for patients to pay their self-pay balances in a fair and reasonable manner – making it more likely the outstanding balances will be paid, thereby reducing the potential for the accumulation of bad debt.
For the patient, it is an opportunity to pay their financial obligations in full with no negative impact on their personal credit record or credit report. For the hospitals, it is an opportunity to collect 100% of charges owed with greatly reduced administrative costs. Got questions? Check out our payment plan FAQs!
We Are Not a Collection Agency
The Midland Group is not a collection agency. In our experience, we have found that when the patient is given the opportunity to actively participate in the negotiation of a monthly payment, it is more likely to result in 100% collection and enhanced patient satisfaction. Payment arrangements have no effect on the patient’s credit record or credit report.
When The Midland Group negotiates a payment arrangement, our goal is to arrive at a monthly payment schedule that works best with the patient’s budget but allows them to make acceptable progress toward an eventual payment in full. In turn, the hospital has the potential to collect 100% of charges owed – with greatly reduced administrative costs.