Passport's Jeff Drake
In a side-by-side marketing arrangement, Passport Health Communications will co-market Aequitas Capital Management's medical-finance card.
Franklin-based Passport announced today its agreement with Portland, Ore.-based Aequitas. The move addresses hospitals' increasing demand for front-end financial qualification of patients, a movement driven by rising bad debts and uncompensated care.
In a joint release today, the companies explained, "The program is completely non-discriminatory as cards are issued without an approval or application process and cardholders incur no finance charges. Additional hospital charges may be added to the card as long as the patient is current with minimum monthly payments."
Jeff Drake, Passport chief sales and marketing officer, was quoted in the statement, saying, “Hospitals are treating more self-pay patients, many of whom cannot afford the cost of care and contribute to hospitals’ inflating amount of bad debt and charity care,” said Drake. “Interest-free programs provide a manageable payment avenue for the patient and allow the hospital to collect for services it might otherwise write off.”
Passport, which has emphasized growth by M&A, has also been developing an array of partnerships, such as that announced today. For more on Passport's recent history, visit our earlier report, here. ♦