ClearBalance® Receives First HFMA Peer Review Designation for Return-On-Investment (ROI) Calculators
Chicago – June 22, 2015 – The Healthcare Financial Management Association (HFMA) recently reviewed ClearBalance's ROI Value Model™ ROI calculator using the Peer Review process. After undergoing the rigorous review, the ClearBalance ROI Value Model has been awarded the “Peer Reviewed by HFMA®” designation. It is the first ROI calculator to earn HFMA’s Peer Review designation.
The ClearBalance ROI Value Model establishes a benchmark for patient pay collection costs and net recovery. As patient payment becomes more important, finance leaders want a credible tool to evaluate current and alternative collection strategies. ClearBalance’s ROI Value Model compares healthcare organizations’ current approach to patient collections with a patient loan program, providing valid operational and financial performance metrics finance leaders find meaningful.
“In a 2014 ClearBalance survey, 63 percent of CFOs and VPs of patient financial services said collecting patient revenue is critical for their organization and 40 percent are considering alternative collection methods,” says ClearBalance CEO Mitch Patridge. “Therefore, organizations need a credible way to evaluate their options – whether using in-house staff, early-out, a collection agency, or patient loans. The ClearBalance ROI Value Model successfully met the rigors of HFMA’s Peer Review process and gives CFOs and other financial executives the tool they need to assess solutions for patient pay.”
Launched in early June 2015, HFMA’s Peer Review ROI Calculator validation process is led by a dedicated panel of senior financial leaders, analysts, and customers evaluating calculators that claim ROI using the established and rigorous 11-step Peer Review process. The panel’s thorough and objective assessment ensures each calculator’s metrics are clearly defined, complete, appropriate, and relevant. The panel also verifies that customers have achieved credible value as it relates to cost. Learn more at hfma.org/peerreview.
HFMA's Peer Review process provides healthcare financial managers with an objective, third-party evaluation of business solutions used in the healthcare workplace. The rigorous, 11-step process includes a Peer Review panel review comprising current customers, prospects who have not made a purchase, and industry experts. The Peer Review status of the healthcare business solution and its performance claims are based on effectiveness, quality and usability, price, value, and customer and technical support.
“We’re pleased to have ClearBalance achieve their HFMA Peer Reviewed designation,” says HFMA President and CEO Joseph J. Fifer, FHFMA, CPA. “The HFMA Peer Review process assures our members, through a rigorous evaluation, that the reviewed healthcare business solution meets an objective, third-party assessment of overall effectiveness, quality, and value."
About HFMA
With more than 40,000 members, the Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. We help healthcare stakeholders achieve optimal results by creating and providing education, analysis, and practical tools and solutions. Our mission is to lead the financial management of health care. hfma.org
About ClearBalance
ClearBalance partners with U.S. hospitals and health systems that want to provide consumer-centric affordable care. We are the leader in consumer-friendly patient loans, serving more than 4 million patient accounts while maintaining the industry’s highest patient loan repayment rates. Our healthcare partners successfully address the increasing cost of patient pay without sacrificing their financial performance. They can also ensure a positive experience for patients who appreciate the ability to affordably repay their direct cost of health care and come to regard the health system as their care location of choice. clearbalance.org
Karen Thomas
Healthcare Financial Management Association
(708) 492-3377
kthomas@hfma.org
About HFMA
With more than 40,000 members, the Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. We help healthcare stakeholders achieve optimal results by creating and providing education, analysis, and practical tools and solutions. Our mission is to lead the financial management of health care. hfma.org
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