Deductibles – A Year-Round Reality
A recent Kaiser Family Foundation report showed that the rise in the cost of health insurance deductibles is outpacing wage increases by as much as 800%. Since 2013, “the average annual deductible among all covered workers has increased 53%,” the report states. “Forty-two percent of covered workers in small firms and 20% of covered workers in large firms are in a plan with a deductible of at least $2,000 for single coverage.”
Deductibles are a provision of most health insurance policies, but as deductibles have increased in recent years along with co-pays and co-insurance, it should not be surprising that many individuals and families do not have the resources to pay for their share of medical bills.
With these new higher-deductible plans, collecting from patients has become more of a challenge.
What can be done to effectively collect payments from patients in this new era of high-deductible plans?
The convenience of paying is a critical factor that must be addressed to ensure timely deductible payments are made by patients.
The more options you offer, the better. Online bill pay through your statement vendor or your website, payment plan options (be creative), and auto payments with a card-on-file capability are just a few convenience factors that will increase deductible collection.
To help mitigate the impact of deductibles on a practice’s bottom line, First Professional Services has implemented an innovative solution that is working well for our clients and their patients. We place well-timed courtesy calls to inform the patient of their responsibility, which is an opportunity to educate the patient as well as set the expectation that the balance is due and payable now.
A properly trained customer service representative can be very effective in collecting balances during these calls or presenting payment options to the patient.
The key is to have a real human doing the calls, not robocalls! With those annoying robocalls so common these days, we find that patients appreciate talking to a real person who can empathize with their situation and guide them toward the best possible payment option.
So why not have our team of professionals help increase your bottom line? We welcome the opportunity to speak with you to accelerate your Revenue Cycle Management Process.
Fill out the form below, and we will follow up with you within 24 hours, or call us at 800.462.0975 to get us live on the phone.
