Giving members the option of a dues grace period can be mutually beneficial.
How does it work?
With the help of its IT team, the Healthcare Financial Management Association created a “Renew Now, Pay Later” program for its largest group of members, who were set to lapse over the summer, according to Keith Chamberlain, director of membership and experience.
Members clicked a button stating their intent to renew and gave their credit card information, but HFMA didn’t charge it for 90 days, providing a grace period for payment.
Why is it effective?
It is low cost and easy to set up. HFMA’s IT team simply created a new 90-day subscription for that group of members. HFMA already had monthly billing installed, so they just leveraged the technology to use monthly dues payments in a similar way. Fewer than 100 people have taken advantage of the offer, but those who did said they were “delighted” with the option, Chamberlain says.
What’s the benefit?
Knowing that HFMA members had the backs of the clinicians they were working with during the pandemic, Chamberlain says his team was motivated to ask, “What can we do to have their backs?”
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