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How Paytient Pays for Itself

Paytient is a benefit that employers can provide for their employees that can both increase access to healthcare and make it more affordable. But for employers already operating on thin margins, finding additional funds to implement these two strategies can be a barrier.

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Paytient is a benefit that employers can provide for their employees that can both increase access to healthcare and make it more affordable.

But for employers already operating on thin margins, finding additional funds to implement these two strategies can be a barrier. Many employers struggle with the concept of adding another line item to an already long list of employer-sponsored benefits. Paytient would be great for our employees, but where do we find the money for it?

To those employers, we say this: First, there are four ways we have seen our customers free up funds to cover the cost of Paytient, without raising their total cost per employee. Second, we’ve found that most companies not only recoup their investment in Paytient, but earn back additional savings by increasing adoption of high-deductible health plans and their large claim risk.

First, let’s discuss four ways that real companies have freed up funds to pay for Paytient.

Reallocate HSA dollars

Many insured individuals are not able to afford to meet their deductibles, and so are left with a difficult choice: Delay or postpone care until they can afford it, or go into debt in order to get the care they need.

Health Savings Accounts are often touted as a way to help employees save up for these out-of-pocket expenses. However, many employees who cannot afford their deductibles, also cannot afford to grow a balance in their HSAs.

Employers will offer to contribute, or match contributions to HSAs, which can certainly help shoulder the cost of higher deductibles. But if employers are looking to offer more assistance to their employees, this money would be better served going towards the monthly cost of offering Paytient as a benefit.

Here’s why: Imagine that an employer contributes $30 to an employee’s HSA. The employee then goes to the doctor, and is able to use that $30 toward their $30 co-pay. Once spent, that money is gone.

If instead, the employer used those same funds to provide Paytient to the employee, then the employee could have access to up to $3000 to use towards co-pays, prescriptions, or other medical, dental, veterinary, or vision care.

Cost share with employees

Another way that employers can free up funds to provide Paytient is by sharing the cost with employees. This may seem counterintuitive -- if employees already can’t afford the cost of their healthcare, how would increasing these costs help?

Here’s how: By incrementally increasing premiums by a dollar or two and then matching that amount, employers can afford to provide Paytient to their employees. Paytient gives employees more flexibility to get the care they need, which makes it less likely that they will file the large claims that can dramatically increase premiums.

It also makes it more likely that employees will get the care they need. When implementing this approach, one Paytient customer saved $370,000, and saw a 25% increase in primary care visits among plan members.

Eliminate less valuable benefits

Offering nontraditional benefits like paid gym memberships or a Spotify subscription is an increasingly popular way to attract top talent, but are they really worth their weight? In a survey published on HR Dive, 56% of respondents noted health insurance as a key reason for staying in their current job. Not the ping pong table, or the free fizzy waters -- health insurance.

It’s highly likely that your employees would be likely to forgo some of these “fun” benefits in exchange for greater flexibility in paying for healthcare. Do some research into the utilization of all of your employee benefits and perks to see if there are some you might be willing to cut in favor of providing Paytient.

Negotiate with payers for discounts leveraging

Finally, negotiating with payers is another way to find the funds to afford Paytient for your employees. By offering Paytient to your employees, you are enabling them to not only get the care they need, but to pay for it in full at the time of service without resorting to toxic payment methods.

Since Paytient pays the provider in full on behalf of the employee, this decreases nonpayment of medical bills, decreasing financial risk for providers. This puts employers in a position to leverage Paytient as a way to get discounts for their employees with commonly used providers.

Providing Paytient for your employees does require some initial investment -- but as we’ve shown, you likely already have those funds somewhere. It’s worth it to reallocate just a few dollars a month per employee in order to give your employees the ability to afford their medical care.

It’s really simple: Employees who are able to afford their medical bills are healthier than those who cannot. And healthier employees are better employees: Less likely to be distracted at work, less likely to miss work, and less likely to suffer from the many physical conditions exacerbated by financial stress.

Then there’s the more tangible, financial benefit: When employees can afford to get the preventative care they need, employers are more protected against large, catastrophic claims, helping to keep costs down for both employer and employee.

Another benefit: Offering Paytient as a benefit encourages employees to select high-deductible insurance options by making it possible for them to afford the out-of-pocket expenses.

Freeing up the funds to offer Paytient to your employees makes good financial sense. Contact our sales team to get started.

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