Providers know that it has become increasingly difficult to collect the payments that are owed to them. The culprit? Why has this become such a hot issue in healthcare revenue cycle management? Most will say it is due to the increased financial burden put on patients today. The answer isn’t quite that simple.
THE CHALLENGE WITH PATIENT PAYMENTS
Patients are met with greater financial responsibilities in managing their healthcare than in years past. There’s no doubt about that. The Affordable Care Act and ensuing healthcare complexities have increased the number of high deductible health plans available to consumers. This graph below will clearly illustrate that.
However, there is a misconception that this is the sole reason for the difficulty in collecting patient payments.
THE CHALLENGE OF THE NEW HEALTHCARE CONSUMER
The reality is that patients aren’t being provided with the payment solutions that they desire in today’s new health economy. Patients, as healthcare consumers, expect to receive a level of service that is convenient and gives them transparency into their financial responsibilities. Most patients want to pay; they don’t want to leave unsettled medical debt. But they need to be presented with solutions that are designed with their needs in mind.
THE SOLUTION TO PATIENT PAYMENTS IN 2016
Today's consumer is looking for patient payments solutions that will provide the level of convenience and transparency they expect. Today, those solutions include payment technology that provides self-service capabilities to easily make payments and check their insurance eligibility. Since insurance is the most common gray area for patients today, with the majority unaware of what their plans will cover, this is essential. Having this knowledge beforehand important is the patient-friendly way to perform medical billing today.
The SlideShare,“Steps To Virtually Guarantee Patient Payments in 2016,” will provide an overview of what the healthcare consumer expects from their healthcare experience today. Flip through the slides to get an idea of how you can make your payment cycle more effective for you and your patients.
Want to dive a little deeper? Download the Guide below to learn more about these patient payment strategies.
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