Bearing healthcare expenses in the US is overwhelming and considering the rising inflation, it has become impossible to survive without solid financial backup. Patients without financial assistance can face extreme situations and often many of them do not get the essential treatment due to lack of funds.

However, medical practitioners can make this trouble go away by educating and offering financial assistance and support for patients. This guide will walk you through the significance of financial assistance in healthcare and guide providers on how they can assist patients through support programs.

Understanding Charity Care and Sliding Fee Scales in Healthcare

Before indulging in the depths of financial assistance, it is imperative to understand the concept of charity care and the sliding fee scale in healthcare. If you’re someone looking to get or provide financial assistance, there’s a dire need to understand the meanings first.

Note: Key Difference

To avoid confusion, here is the key difference between Charity Care and Sliding Fee Scale

• Charity Care: Offers free or major discount on overall medical services

• Sliding Fee Scale: Medical services are discounted and vary from patient to patient depending on their financial condition.

1. Charity Care

As the name suggests “Charity” is something that is offered for free of cost. Similarly, in the healthcare sector, the term charity care is offering free health facilities to people who cannot afford it. 

Similarly, charity care also helps people who cannot pay completely. It reduces the medical cost to a major extent and offers discounted prices against all the required treatments.

How it Works?

Charity Care requires a list of inquiries to see who is eligible. It typically includes household income, tax returns, number of family members, and insurance status (if any).

Charity care creates a huge difference for people unable to bear medical expenses either partially or completely. By evaluating all the above assessments, one can avail of charity care.

2. Sliding Fee Scale

Sliding fee scale unlike charity care, does not waive off medical expenditures completely, instead, it offers customized cost solutions to patients. Usually, a sliding fee scale program is suitable for patients looking for affordable options. People who are willing to pay but cannot afford to get discounted prices in this option.

For instance, a patient with a low income will get to pay low than someone with a higher income. Once done with income documentation, the charges will be adjusted accordingly.

How to Guide Patients Through Financial Assistance Options

Patient financial responsibility is real and healthcare providers can ease the financial burden of patients by guiding them to avail of financial assistance from various options. This will not only help patients to overcome their fear of trouble but also help medical providers thrive in the long term.

Below is a step-by-step guide to evaluate the right assistance program for patients, so they can get the most out of available resources.

1. Conduct Screening

The first step is to see who needs help. This is done by conducting initial screening when the patient walks in. Begin with financial queries like income and insurance status to identify needy patients.

2. Assess Eligibility

The following step is to assess patient’s eligibility which can be evaluated based on initial screening. This step will help providers observe which financial assistance will fit best for the patient such as charity or slide fee reduction.

3. Explain Options

Next, discuss all the available options at hand with the patient. Since most patients are unaware, enlighten them with various programs being offered like government aid, charity assistance from non-profit organizations, slide fee reduction, etc.

4. Assist with Documentation

Some of the assistance programs require certain documents as procedural requirements including place of residency, income statements, and tax returns. Help the patients with all the formalities and assist them with proper documentation.

5. Help in Process

Applying for financial assistance can be daunting for patients as the procedures are overwhelming. Further, most of the programs have digital submissions that become hard for the applicants.

Offer personal assistance to patients will all the applications and online forums to reduce their stress.

6. Follow Up-Financial Assistance Program

After concluding all the guidance, follow up with the patient to see if they require any further assistance. This will help patients apply effectively and strengthen the trust bond with health care providers.

Creating a Financial Assistance Program for Your Practice

Are you a healthcare provider? Create a financial assistance program for your practice and enjoy the following benefits.

1. Build Trust

Effective financial assistance will create a sense of trust between patients and health providers leading to overall professional goodwill.

2. Patient’s Satisfaction

Nothing is more beneficial than a satisfied patient. Patients if taken care of accurately, will lead to positive feedback and more recommendations.

3. Attract More Audience

Speaking of recommendation, healthcare professionals will attract more people due to effective financial assistance programs.

4. Stable Cash Flow

One of the greatest benefits of offering financial assistance in your practice is having a stable financial system. By offering the Sliding Fee Scale you will ensure some contributions from patients leading to improved revenue cycle management (RCM)

5. Tax Benefits

Not only you’ll get stable cash flow, but you’ll also qualify for many tax exemptions as well.

Wrap Up

Financial assistance and support are no less than a blessing for patients struggling to meet ends. It not only helps them in times of crisis but also creates awareness for others to prevent emergency care. 

As a medical healthcare provider, you can create a difference by offering financial assistance programs in your practice and Xybermed can help you with that. Not only you will feel a sense of fulfillment but you will also enable yourself to have many thriving opportunities ahead.