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American HealthCare Lending Leading The Way In Keeping Business Digital

Contributed article by:Nick Sorensen, Co-Founder/Chief Operating Officer at American HealthCare Lending

American HealthCare Lending, a leading provider of patient financing services nationwide, talks about the significant benefits that have come from the implementation of DocuSign’s leading eSignature Transaction Management Platform. This Q&A focuses on the benefits of going 100% digital and the drastic increase in efficiency that American HealthCare Lending has seen from using DocuSign’s Digital Transaction Management solution. 
 

Q - What does American HealthCare Lending do and how are you utilizing digital transaction management in your organization?

A - American HealthCare Lending is a leading provider of patient financing services nationwide. Our online platform allows healthcare providers to offer financing to patients to help them pay for the out-of-pocket portion of healthcare services ranging from $2,000 to $100,000.

Our mission of Making Healthcare Affordable™ can only be accomplished when providers contract with us and make our platform available to their patients. To facilitate this, we utilize DocuSign’s digital transaction services to streamline the contracting, training, and onboarding of new healthcare providers as well as to improve efficiency in our internal operations along the way. From the point of the initial sales web-demonstration to the actual loan documentation and funding process, our entire process runs online and is completely digital.

Q - You and your colleague are the top global advocates on DocuSign’s customer advocates portal. What has driven you to be brand ambassadors for DocuSign?

A - At American HealthCare Lending we are passionate about great technology and we appreciate working with partners who have developed exceptional products and services. DocuSign is a clear leader in the e-signature space and doing business digitally with DocuSign’s help makes a lot of sense. We believe that’s a message worth sharing and the customer advocate portal has motivated us to do that.

Q - You operate a SaaS company that delivers Financing as a Service™ (FaaS™) while your competitors use a more traditional approach to patient financing based on transaction fees. Tell us why the Financing as a Service model is allowing you to disrupt your industry.

A - The transaction fee model has been around for decades. I believe this is not only because it is a very profitable arrangement for the lenders, but also because no one else has discovered how to successfully deliver a viable alternative. Healthcare providers have accepted it as a reality, while at the same time bearing with the downsides of an arrangement that favors those who charge the fees. But things are changing.

When presented with American HealthCare Lending, providers are pleasantly surprised to find that they don’t have to live with the downsides of the transaction fee model any more.  By offering financing as a service we are freed to focus on delivering a solution with: no transaction fees and a predictable annual subscription fee; an entirely web-based process with an exceptional user experience; and unmatched customer service and smarter loans for patients. We’re treating financing as a service just like Silicon Valley treats software as a service, and the market is validating what we’re doing.

Q - You’re presenting a session at DocuSign MOMENTUM 2014 on using DocuSign to optimize SaaS sales operations and customer success. Tell us why you selected this topic?

A - We’ve seen significant improvements internally since implementing DocuSign in 2012 and we feel like we have a lot to share with MOMENTUM attendees on this topic. With the rapid growth of the SaaS market well under way, we feel that it’s time for someone at DocuSign MOMENTUM to specifically speak to the ways DocuSign can facilitate operational efficiencies for SaaS businesses. As you can imagine, these efficiencies have paved the way for a significant impact to customer success and we’re excited to talk about the indirect benefits of our DocuSign implementation as well. And of course, there are a lot of nuts-and-bolts DocuSign tips that relate to this topic that we’re looking forward to sharing.

Q - Your business is situated at the intersection of three hot sectors: technology, healthcare, and finance. How do you feel about the opportunity that is ahead of you and how are you leveraging digital transaction management to take advantage of the digital revolution happening in each of these sectors?

A - There are so many different opportunities for growth at this point that it’s difficult to manage. It’s interesting that these three sectors are all highlighted as key customer segments at DocuSign MOMENTUM 2014. This tells you how important these markets are to the future of DocuSign’s digital transaction management strategy but it also presents certain problems, such as: How do you decide which lunch to go to at DocuSign MOMENTUM when your company fits into the finance, tech, and healthcare segments at the same time? On a more serious note, we feel that the digital revolution is picking up serious momentum in the finance industry and we expect to see healthcare follow closely behind. We’re at the forefront, prepared to catch the wave as it picks up speed, and the more these sectors discuss, implement, and share digital transaction management successes the more quickly we will increase our rate of growth within them.

Q - What advice do you have for other SaaS businesses to keep in mind as they consider using DocuSign?

A - I would say that you should challenge your business associates to think outside of the box as it relates to your DocuSign implementation. Think of what your sales, operational, and onboarding goals are and how you can leverage DocuSign to achieve those goals, but then stretch further. We’ve developed some great internal processes and experienced real efficiencies as we have discovered how DocuSign can help in HR, Product Development, and in those other parts of our company that we weren’t thinking of when we initially partnered with DocuSign back in 2012. A SaaS business succeeds when processes are automated and streamlined to a point where you can achieve scale rapidly. I believe that DocuSign is a great fit for a SaaS business but you have to be willing to think outside the box.

Q - You haven’t always been digital. How has DocuSign helped you transition to doing business digitally?

A - DocuSign has been both a catalyst and a solution as we have made the leap. We started by implementing DocuSign in one part of the business for one specific use case. Once we saw the results, this motivated us to expand that use case and as we did that, we started coming up with different ideas for how we could make the digital transition in other unrelated parts of our business. It has taken time to change processes, train employees, and integrate DocuSign into our other business tools, but DocuSign’s ease of use has made the transition smooth for our team. Native integrations with Salesforce and our loan origination software also made the case clear for the return on investment users would gain from taking our business digital. All of this has come together to help shape the way we do business digitally today.

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