With more people in high deductible health plans, physicians may need to reorganize their medical billing practices to maximize patient collections.
With high deductible health plans gaining traction, medical practices and third party providers of physician billing services need to step up or revamp their strategies to maximize patient collections. Patients with high-deductible policies have greater out-of-pocket costs. According to a Kaiser Family Foundation report, the average annual out-of-pocket costs per patient increased almost 230 percent between 2006 and 2015. While most physicians tend to be sympathetic to patients who experience financial hardship, they need to have proper strategies in place to collect payments in order to keep their practice running. Here are some effective tactics to increase collections from high deductible patients: Have a proper payment policy: When it comes to payment, it is important that patients know what is expected of them. It has been found that patients do not fully understand their financial responsibilities under their high-deductible plan. Have a well-crafted financial policy that will tell patients about their obligations. Include copays, deductibles, fees for no-shows, and payment options. Many physician practices now ask patients to sign the policy. Educate and inform patients about their payment obligations in advance: Many patients only bring a copay with them on their office visit. Prior to providing services, inform patients about how much they should pay, including existing balances and deductibles.
Offer several payment options: Payments should be accepted in any form that the patient has access to. Offering several options such as credit or debit card, cash, or check, makes it easier for patients to pay. Avoid
non-payments
and
no-shows
by
rescheduling
appointments:
Appointments of patients who regularly have difficulties with copays can be rescheduled till they can pay. Rescheduling appointments will also reduce the incidence of no-shows and late-cancels.
Perform insurance verification prior to the appointment: Patient eligibility verification is a critical element in payment collection. Companies providing insurance verification services contact insurers directly to help physicians check
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out patient eligibility before services are provided. This makes things easier for the physician as well as the patient and helps avoid surprise bills. ď Š Suggest less expensive treatment options: Treatment decisions may have implications for patients’ financial situation as well as health. Physicians can help patients navigate high out-of-pocket costs by offering them less expensive options. For example, a report in Medical Economics recommends delegating less complex visits to a nurse practitioner or a physician assistant.
ď Š Discounts: Patients who pay promptly can be offered special discounts at the time of service. Rising out-of-pocket costs are transforming the way patients use medical services. While providers of physician billing services help practices overcome their medical billing and reimbursement challenges, physicians need to alter their communication strategies to maximize patient collections. Experts recommend that the best approach is to be open with people about their obligations and discuss their payment options with them. Informed patients are more likely to pay their bills.
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