Spectrum Health Offers New Payment Option to Patients
October 23, 2007
***Please note: Spectrum Health no longer has a partnership with this vendor and this release will remain posted for archival purposes.
Spectrum Health is introducing a new payment option for patients in partnership with Aequitas Capital Management. The program, called CarePayment, allows patients to arrange for payment of hospital bills in affordable, monthly installments through a revolving line of credit.
CarePayment is an extended-term, zero percent financing program. Patients who opt for this payment method receive a Spectrum Health-branded CarePayment card. There is no approval or application process, and additional charges can be added to the card as long as the patient keeps making monthly payments. The minimum monthly payments are only four percent of the highest balance or $25, whichever is greater.
“We know that many families are just not prepared to handle an unplanned medical expense like out-of-pocket hospital costs not covered by insurance,” said Joseph Fifer, vice president, hospital finance/Chief Finance Officer for Spectrum Health Grand Rapids. “CarePayment allows our patients the benefit of an extended-term, interest-free finance program for many of our services.”
Aequitas Capital Management developed CarePayment to address the financial challenges patients often face, whether it’s due to higher co-pays and insurance deductibles or the lack of medical insurance altogether.
“Our critical goal for CarePayment is to provide patients with an easy and affordable way to pay their out-of-pocket expenses,” said Steve Wright, Aequitas’ senior managing director of Healthcare Markets. “The CarePayment program reflects our ongoing commitment to developing socially responsible financial services that create a positive impact for our clients and their communities.”
Through CarePayment, Spectrum Health is also able to provide greater patient advocacy services.
“We want to focus our time and energy on the health needs of our patients, not on a collections process,” said Fifer. “Hopefully, our patients will take advantage of this payment option and will focus on what is really important – their health.”
About Spectrum Health
Spectrum Health is a not-for-profit health system in West Michigan that offers a full continuum of care through its seven hospitals, more than 140 service sites and 565,000-member health plan, Priority Health. Spectrum Health’s 13,000 employees, 1,400 medical staff members and 2,000 volunteers are committed to delivering the highest quality care to those in medical need. The organization provided more than $100 million in community benefit during its 2006 fiscal year. Spectrum Health has earned more than 50 national awards during the past 10 years.
About Aequitas Capital Management and CarePayment
Established in 1993, Aequitas Capital Management is a professionally managed and socially conscious alternative investment firm providing private equity and commercial finance products to the middle market, healthcare and energy sectors. Aequitas Capital is committed to helping the healthcare sector with tailored financial solutions. The CarePayment product offering addresses the financial challenges patients face in covering the ever-increasing number of “patient-pay” expenses. CarePayment is partnering with hospitals nationwide to support their overall mission, improve cash flow and enhance net collections by providing their communities with a non-discriminatory, hospital-branded finance card featuring no interest and extended payment terms. For more information, visit www.aequitascapital.com or www.carepayment.com or call (503) 419-3500.