The Healthcare Financial Management Association (HFMA) today announced that, following rigorous review, ClearBalance® has once again achieved the “Peer Reviewed by HFMA®” designation for its ROI Value ModelTM.
The ClearBalance ROI Value Model identifies a healthcare provider’s cost to collect patient pay and sets nationally recognized benchmarks for a long-term financing alternative. The tool is used by more than 30 health systems to track their patient pay performance across hundreds of facilities nationwide. The ROI Value Model also is the basis of the ClearBalance annual Top Performers awards. In June ClearBalance honored four health systems as being top performers to reduce bad debt from patient pay and significantly improve the patient experience.
“Healthcare providers today are overwhelmed by the number of patient pay solutions available, so it’s important to have independent criteria that demonstrate revenue cycle value,” says ClearBalance CEO Bruce Haupt. “We’re pleased that the ClearBalance ROI Value Model continues to achieve HFMA Peer Review designation, year-after-year.”
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, recommend to purchase, and customer and technical support.
In its 2018 review process, ClearBalance and its ROI Value Model achieved impressive results, including:
- 100% of Peer Reviewers said they would recommend ClearBalance to a colleague
- 100% said the ROI Value Model’s inputs are attainable
- 100% said the model’s metrics are defined appropriately to address patient financing
“We’re pleased to have ClearBalance renew 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."