Financial Products Focus on Medical Community
The Affordable Health Care Act is changing the Utah and Idaho economies. In the next four years, both states will see the number of insured patients balloon and a major growth in medical spending. More patients will require health care, and it’s imperative for medical providers to expertly manage the business side of their practice or risk getting lost in complicated insurance billing practices.
To this end, Zions Bank offers banking services specifically designed for health
“We give them the tools so they can grow their practice as efficiently and effectively as possible so they can concentrate on their passion for helping and healing,” says Naomi Cash, treasury management sales administrator at Zions Bank.
These financial services cover the specific niche where bank and health care overlap. One of these is the Zions+Med program, which provides banking services to high-earning doctors.
Significant Changes on the Horizon
“Throughout 2020 (the final year all the ACA provisions will be put into place), there’s going to be significant changes to the health care industry,” says Garrett Barnes, senior vice president of Zions Premier Wealth Management. “Reimbursements will be shifting and more accountable care organizations will come online. With our (Zions Bank) knowledge of health care, we’ve been charged with focusing our efforts on the medical community.”
Barnes spent nearly a decade as the chief marketing officer for a home health care company. He is heading up a team of private bankers with industry specific skills to lead the bank’s new enterprise.
The ACA will make health insurance possible for millions of previously uninsured Americans. Across the U.S., 17 percent of the country is uninsured. In Utah, 15.7 percent of the population is uninsured and in Idaho, that amount is 18.5 percent. Utah is already seeing enrollment in ACA skyrocket. In 2006, 400,000 Utahns were uninsured; in 2014, despite a 15 percent growth in population, that number dropped to 365,000 uninsured.
Zions Bank has committed to supporting the health care community through various services. Here’s an overview:
Zions Bank will host educational courses taught by professionals that cover topics like how a doctor can run a successful business and how to turn an idea for a new medical device into a marketable invention.
Lines of Credit
Now more than ever it is critical for health care providers to utilize lines of credit to float costs of procedures until they can be fully reimbursed. ACA will require medical providers to start accepting bundled payments — a single payment given to a medical group to manage the entire care of the patient. The result: The medical group decides which medicals professionals get what amount of that payment, and doctors will only get a percentage of the cost of a patient’s procedure or treatment.
New medical professionals start their career after years as a poor student with no credit. Though they’re ready to plant roots, they can’t qualify for a mortgage loan because of their credit score. Zions will offer mortgage loans.
The Zions Bank Treasury Management product suite will offer solutions specifically catered to a doctor’s needs. Some of the most widely used treasury products in the health care field are online cash flow management, commercial credit card with revenue share benefits, electronic funds transfers and merchant services to accept credit card payments.
For more information on Zions Health Care Services, call 801-844-8716 and a specialty banker will answer your call.