In the current landscape of high deductible health plans (HDHP) as well as under- and uninsured patients, the timely collection of patient balances is a significant challenge for practices struggling to maintain revenues.
According to a 2015 Kaiser Family Foundation report, 24 percent of employees are enrolled in a HDHP, up from just 4 percent in 2006. Nearly half of all employees enrolled in an employer-sponsored plan have an annual deductible of at least $1,000, representing a 360 percent increase over 2006 costs. Add in the potential uptick in out-of-pocket expenses for patients who are enrolled in Health Insurance Marketplace plans, and a lot of money is hanging in the balance if you don't learn to collect more effectively.
Here are nine tips to improve patient collections in your practice.
Steph Weber is a freelance writer hailing from the Midwest. She writes about healthcare and small business, but finds her passion for the medical field growing in sync with the ever-changing healthcare laws.