Health insurance deductibles are skyrocketing, and patient financial responsibilities are reaching new heights. Employers continue to move toward higher
deductible plans to keep their expenses in check, and many health insurance exchange plans have deductibles of $3,000 or more. And the millions of patients being added through the Patient Protection and Affordable Care Act are increasing both visit and collection volumes.
Physician practices can no longer afford the “we’ll-bill-you-after-insurance-has-paid” approach to patient collections. Sending statements and following up with those who don’t pay is expensive. And once patient balances start going beyond 120 days, good luck collecting them. Collecting at the point of
service is your best chance of getting patients to pay. But with so many different plans and benefit packages, it’s difficult to determine what exactly can be collected. The following five technologies will help your practice solve this and other collections challenges.