PNC Healthcare said Tuesday that it has begun a collaboration with AccessOne, a provider of patient-financing solutions, to increase financing capabilities for health care providers and insurers.
The companies asserted that the new services will provide benefits for patients as well as providers.
AccessOne’s offerings to patients include custom payment plans, consolidated billing for outstanding accounts and multiple family members and zero or low interest rates. Payment plans can range from 12 to 100 months, and patients have the option of choosing a lower payment down to a minimum amount if necessary. The company said that there is no credit reporting involved and patients are accepted regardless of credit score.
PNC Healthcare, which serves companies with more than $5 million annual revenue, offers such services as institutional asset management, capital financing solutions and more to providers and payers. Financial services are provided by PNC Bank.
South Carolina-based AccessOne has made similar partnerships recently, with RevSpring, a provider of patient engagement and payment solutions, and with Augusta University Health System, a Georgia-based health care network.
According to a survey conducted in the spring by Eugene Insights and commissioned by AccessOne, 68 percent of consumers are worried about their ability to pay for general medical expenses during 2020. Three-quarters of the more than 1,000 respondents were concerned about losing their jobs as a result of the coronavirus pandemic, and more than half were worried about losing health insurance because of a job loss.
Nearly 60 percent said that they would consider delaying a non-emergency but medically necessary surgery in 2020 due to cost, and 56 percent said they would delay a diagnostic procedure because of the expense.
“With consumer credit shrinking and becoming more expensive post-pandemic,” AccessOne CEO Mark Spinner said at the time, “flexible payment options from health systems will enable many more patients to make health-driven care choices without fear of financial implications.”