CarePay

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The mission of our company is to help healthcare providers transform self-pay accounts into reliable sources of cash, while preserving and strengthening their relationships with patients and the communities they serve. Care Payment Systems, Incorporated was founded by healthcare executives and managers who foresaw the escalation of self-pay balances into the fastest growing and most difficult to collect financial class in healthcare. The problem we anticipated has come to pass – a greater share of the cost of care has been shifted to patients, while the percentage reimbursed to healthcare providers by insurance companies has decreased. We projected that this confluence of events would force healthcare providers to compensate for shrinking insurance revenue by expanding their efforts to collect from patients with self-pay balances. But, even before the downward shift in insurance company reimbursement and the cost shift to patients, collecting balances due from patients was a tremendous challenge. Healthcare providers have traditionally under-invested in the people, technologies and methodologies required to effectively manage the self-pay challenge and instead have relied on collection agencies as the logical option. Unfortunately, collection agencies have been only minimally effective in collecting self-pay accounts and their aggressive and sometimes egregious collection tactics have proven to be harmful to relationships between healthcare providers and their patients. Recognizing the emerging need for a self-pay solution, we combined our experiences with industry-wide intelligence to create CarePAY

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