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.”
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.
ClearBalance has been at the forefront of patient pay management since 1992, setting and delivering a high bar for patient financing and management solutions, reimbursement and revenue cycle IT expertise and the patient experience. Recognizing the trend toward consumerism, ClearBalance was the first to advise providers to adopt a zero interest patient financing program that would encourage more patients to repay their cost of care. ClearBalance also introduced the first and only HFMA Peer Reviewed ROI Value Model, which identifies a providers’ cost to collect patient pay and sets nationally recognized benchmarks for a long-term financing alternative.