How a Healthcare CFO Evaluated Patient Financing Partners

By Michael Berger, former senior level Revenue Cycle Officer and healthcare finance consultant.

Selecting a patient financing partner is an important strategic decision for healthcare organizations. Beyond simply improving payment collections, the right partner must align with an organization's financial objectives, operational workflows, and commitment to patient experience.

In this executive perspective, healthcare finance leader Michael Berger shares the evaluation framework he used when assessing patient financing vendors. His approach focused on the key factors he believed were essential to selecting a partner capable of enhancing the value of patient payment plans while supporting a positive patient financial experience.

The following perspective reflects his personal evaluation process and the criteria that ultimately influenced his decision to partner with HELP Financial.

Requirements List:

The Evaluation Framework

1. Vendor Focus & Partnership Alignment

• Business solely focused on patient financing

• Right-sized organization

• Responsive support

2. Financial Structure & Control

• Recourse option available

• No administrative fees

• Fees tied to performance

• Funding at placement

3. Patient Experience & Accessibility

• Universal patient eligibility

• Pre-service financing options

• Patient outreach support

Pull Quote / Graphic: "I viewed the payment plan file as a significant asset — and the vendor selected would be responsible for enhancing its value."

I would be remiss if I did not discuss the importance of feeling comfortable with the vendor and their representatives. Specifically, you have trust that they understand and respect your organization’s values and you will receive consistent quality, timely delivery of services, and responsive support.

After selecting HELP Financial, the organization's performance reinforced the confidence I had in the evaluation process. Their operational support, performance outcomes (94% payment rate), and positive patient engagement results (complaint rate of <1%) confirmed the importance of selecting a partner that aligns operational capabilities with an organization's broader financial and patient experience goals.

Ultimately, selecting a patient financing partner is about more than improving collections. It is about choosing a partner that understands the value of patient relationships, supports organizational objectives, and helps healthcare providers better serve the communities they represent.