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Patient Payments & Insurance Reimbursements
Patient Payments and Insurance Reimbursements
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The key drivers of the revenue cycle for most chiropractic practices are the reimbursement of covered services from insurance payers and copays and coinsurance collections from patients. The more efficient the practice’s billing process, the more profitable the business will be.
In the past, billing teams in practices used to rely more on reimbursements from insurance companies for improving their revenue numbers.
Now, with the increase in patient responsibility, practices are focusing on collecting copayments and coinsurance at the time of service.
CMS found that 90 percent of the 12.7 million consumers in the health insurance program selected a high-deductible plan because they often offer lower monthly premiums, but have more out-of-pocket expenses for services. As the share of contribution from patients has been increasing in recent years, practices need to adopt strategies to enhance the way they collect patient responsibility.
Did you know? Did you know?
Patient billing responsibility has risen 255% since 2006. It costs 4 times more to collect from a patient than from an insurance company.
The percentage of payments a healthcare provider collects
decreases with every day
that the bill is past due.
95%
This means practices need to equally monitor insurance claims and patient collections to shorten the revenue cycle.
The percentage of people who
fail to fully pay off patient
balances is expected to climb to 95% by 2020, according to TransUnion Healthcare.
Chiropractic practices must implement an effective payment collection protocol to avoid losing out on much-needed revenue. To improve your rate of patient collections, it’s time to restructure your revenue cycle management process and implement this 5-step protocol to collect more and reduce outstanding patient balances.
2. Verify Insurance Eligibility
1. Collect Insurance Details
