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Frequently Asked Questions
What is Healthcare Credit Solutions?
Healthcare Credit Solutions, (HCS) is the company that is launching loyalty solutions through a co-branded credit card program to help hospitals, health plans and physician groups build brand recognition while giving patients a flexible and affordable way to pay for medical care.
What is LifeRewards™?
LifeRewards is a credit card program that gives consumers a powerful tool for managing the rising cost of health care. The program allows health care consumers to earn points on everyday purchases with a Visa or MasterCard that features your health care organization's brand. Purchases – from retailers to restaurants – help consumers build up LifeRewards points, which are redeemable for medical care, prescription or over-the-counter drug purchases, or elective procedures such as vision care or cosmetic surgery. Points also can be converted into cash deposits for a Health Savings Account, (HSA).
Why is Healthcare Credit Solutions offering a co-branded credit card to health care organizations?
The growing popularity of consumer-driven health care products means consumers are bearing larger out-of-pocket health care costs than ever before. From 2000 to 2004, health care consumers’ out-of-pocket costs more than doubled. Meanwhile, the American Hospital Association estimates that hospitals provided $28.8 billion in uncompensated care in 2005, the latest year for which data are available. Healthcare Credit Solutions offers consumers a flexible, affordable way to pay for health care while earning rewards points to reduce future medical expenses.
What does our organization have to do to manage the program?
Very little. The program is virtually turn key. There will be a need for a person to provide liaison assistance with Healthcare Credit Solutions to implement and facilitate congruence between the program’s strategies and those of the organization.
What will it cost us to participate?
The program customization and implementation fee will be deducted from early revenue earned by the organization. On an ongoing basis, Healthcare Credit Solutions earns a portion of the revenue earned by participating organizations so our success is dependent on your success. Healthcare Credit Solutions remains in the turn key, management role for as long as the organization participates in the program.
How long does it take to get the program up and running?
Depending on the degree of customization desired by your organization, between three to five months.
What is the business relationship between HealthGrades and Healthcare Credit Solutions?
HealthGrades owns a majority share of Healthcare Credit Solutions, which is operated as a subsidiary of HealthGrades, the nation’s leading, independent health care ratings company.
Healthcare Credit Solutions, (HCS) is the company that is launching loyalty solutions through a co-branded credit card program to help hospitals, health plans and physician groups build brand recognition while giving patients a flexible and affordable way to pay for medical care.
What is LifeRewards™?
LifeRewards is a credit card program that gives consumers a powerful tool for managing the rising cost of health care. The program allows health care consumers to earn points on everyday purchases with a Visa or MasterCard that features your health care organization's brand. Purchases – from retailers to restaurants – help consumers build up LifeRewards points, which are redeemable for medical care, prescription or over-the-counter drug purchases, or elective procedures such as vision care or cosmetic surgery. Points also can be converted into cash deposits for a Health Savings Account, (HSA).
Why is Healthcare Credit Solutions offering a co-branded credit card to health care organizations?
The growing popularity of consumer-driven health care products means consumers are bearing larger out-of-pocket health care costs than ever before. From 2000 to 2004, health care consumers’ out-of-pocket costs more than doubled. Meanwhile, the American Hospital Association estimates that hospitals provided $28.8 billion in uncompensated care in 2005, the latest year for which data are available. Healthcare Credit Solutions offers consumers a flexible, affordable way to pay for health care while earning rewards points to reduce future medical expenses.
What does our organization have to do to manage the program?
Very little. The program is virtually turn key. There will be a need for a person to provide liaison assistance with Healthcare Credit Solutions to implement and facilitate congruence between the program’s strategies and those of the organization.
What will it cost us to participate?
The program customization and implementation fee will be deducted from early revenue earned by the organization. On an ongoing basis, Healthcare Credit Solutions earns a portion of the revenue earned by participating organizations so our success is dependent on your success. Healthcare Credit Solutions remains in the turn key, management role for as long as the organization participates in the program.
How long does it take to get the program up and running?
Depending on the degree of customization desired by your organization, between three to five months.
What is the business relationship between HealthGrades and Healthcare Credit Solutions?
HealthGrades owns a majority share of Healthcare Credit Solutions, which is operated as a subsidiary of HealthGrades, the nation’s leading, independent health care ratings company.
