Creating consistent revenue streams for providers and flexible payments for patients
Care Now, Pay Later (CNPL) is Rectangle Health’s answer to patient financing and healthcare’s answer to Buy Now, Pay Later (BNPL) arrangements. CNPL is a financial arrangement directly between providers and patients that breaks a payment up over multiple installments, benefiting both parties.
We believe patients should have access to flexible payment options that don’t involve high interest rates or lines of credit, and by offering such options, providers have a huge opportunity to increase revenue and patient satisfaction. CNPL helps providers who are dealing with high accounts receivable balances collect more payments and retain their full earnings rather than turning to systems like healthcare credit cards and collection companies that charge fees.
- 63% of patients expressed significant interest in payment plan offerings in 20201.
- 20% of people have medical debt, and three-quarters of them have accumulated more medical debt since the beginning of the pandemic in the U.S. in March 20202.
CNPL broadens the traditional healthcare payment model that centers around lump sum payment after care. Payment plans are a means of an additional, consistent revenue stream across smaller installation payments. CNPL lets providers work more effectively with patients who are either unable to or prefer not to pay a full balance at once.