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Excela Teams With CarePayment to Help Patients Manage Medical Expenses Over TimeGREENSBURG, Pa. & PORTLAND, Ore. --(Business Wire)-- Recognizing that out-of-pocket health care expenses can present a financial hardship to patients, Excela Health is introducing CarePayment®, an innovative payment program that allows patients to pay off their balance in manageable monthly payments over 25 months at 0.00% APR. "We wanted to offer our patients an option to manage their healthcare expenses," says Excela's Director of Patient Financial Services, Joyce Noel. "CarePayment will allow our patients to receive the care they need, when they need it, without financial concerns standing in the way." Rising out-of-pocket costs are hitting people with all types of insurance. In fact, 21 percent of adults with health insurance spent 5 percent or more of their income on out-of-pocket health care costs over the past year (excluding premiums), and 13 percent spent 10 percent or more, according to a new Commonwealth Fund report. The majority of the people surveyed had employer-sponsored plans, according to the report, Too High A Price: Ou-of-Pocket Health Care Costs in the United States, but the survey also included people with Affordable Care Act marketplace plans, individual health insurance, Medicaid, or some other coverage. CarePayment is a healthcare finance company that teams with medical providers to enable patients to pay their medical expenses over time, not a collection agency or credit card company. A CarePayment account is a flexible open-end line of credit that, unlike a loan, allows patients to add additional medical costs at 0.00% APR for the life of the account, with no application or credit check. Patients can manage their accounts in a variety of ways, including automatic payments, mobile and online account access, and paper or electronic statements. Located in southwestern Pennsylvania, Excela Health's three hospitals, physician groups, surgical and imaging centers and other facilities and services offer care across a continuum from prevention and wellness to emergency care, acute care, intensive care, outpatient care, physical, speech and occupational rehabilitation, home care, hospice, and medical equipment and supplies. "By partnering with CarePayment, Excela Health is taking a strong stand to bridge the growing affordability gap created in large part by high-deductible insurance plans. Excela Health is once again demonstrating that it is committed to improving the health and well-being of every life they touch," says Ann Garnier, CarePayment Chief Operating Officer. About CarePayment® Headquartered in Lake Oswego, Oregon, CarePayment is a patient financial engagement company that accelerates provider transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment 0.00% APR payment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at http://www.carepayment.com.
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