Employers – FinPay

      An employees’ financial health is as important as their physical health.

      In an effort to reduce the rising costs of providing healthcare benefits to employees, employers have implemented cost sharing initiatives that have resulted in higher deductibles, co-pays, and co-insurance for their employees.

      The bigger problem is no employee plans to get sick, so employees have not planned for the ability or timing to meet these financial responsibilities for their medical care.  The result; the leading cause of personal bankruptcy in the U.S. is medical debt.

      At a minimum, financial stress has a negative affect on worker productivity.

      “43 percent of insured patients said they delayed or skipped physician-recommended tests or treatment because of high associated costs.”- Kaiser Family Foundation

      The Problem:

      Studies show that an alarming number of American workers delay or cancel needed medical care due to cost.

      The result of these delays include:

      1. 1. Higher claims experience and overall healthcare costs to the employer.
      2. 2. Decreased worker productivity due to complications caused by delayed treatment.
      3. 3. Frustration and anger pointed to the employer from the employees that need care.
      4. 4. Inequitable care provided to employees due to economic status.

      Decreased Retention and Employee Morale

      When an employee is confronted with high-unexpected medical expenses, the employer is commonly faced with the blame.  Employees who work hard but always feel broke due to medical costs become resentful toward their employer, feeling there’s no concern for the staff.  This eroded morale is the first symptom to the inevitable effect on employee retention.

      “74 percent of insured consumers indicated they are both able and willing to pay their out-of-pocket medical expenses up to $1,000 per year.”—McKinsey Study

      The Solution: Financial Wellness With FinPay

      FinPay delivers a proactive, comprehensive, and disciplined Financial Wellness Solution

      More than 79% of the patients FinPay serves enroll in a payment program they can afford prior to care so they can focus more on getting well and less on the stress of meeting their financial responsibilities for care.  Most importantly, patients thank FinPay for the experience.

      Financial Wellness Program Services

      • Identify high-risk employees: FinPay analyzes historical claims data to reveal the factors that consistently create high out-of-pocket healthcare costs to the employee.
        • Develop Financial Wellness Policy: FinPay designs & develops a financial wellness policy for managing and incentivizing employees who meet any of the defined high-risk criteria.
        • Target & Segment High-Risk Employees: FinPay customizes processes that target and segment employees who meet any of the defined high-risk criteria into a customized curriculum for each risk category that is consistent with the Financial Wellness Policy.

      The Benefits

      The Employee

      • – Peace of mind
      • – Financial access to needed medical care for all employees
      • – Employee receives financial education on healthcare costs and obligations
      • – Employee financial obligations and expectations are in line with employer health benefits
      • – Employees are offered a wider variety of payment alternatives they can afford and actually have a good chance of paying
      • – Employees will have a superior financial experience and a higher appreciation of their healthcare benefits

      The Employer

      • – Direct and measurable ROI
      • – Increase care for employees that would have otherwise passed on or delayed needed care
      • – Employers will deliver transparent and standardized healthcare benefits that are appreciated and valued by their workforce
      • – Eliminate/reduce internal workflow for HR staff.
      • – Transparency and integrity will strengthen workforce morale
      • – Providers can leverage their uncompensated care budget through qualified and compliant grant programs to recapture lost payor revenue
      • – Better employee experience that compliments the employers’ attraction, retention, and engagement strategies
      • – Improves workforce morale & productivity

      See How FinPay can help your employees today!

      Don’t wait contact us now!