Do You Have a System to Collect Patient Deductibles for Procedures?
Statistics show it. And you already know it. Today’s health economy of higher deductibles results in collecting more out-of-pocket expenses from patients. As higher deductibles become the norm, physicians are experiencing similar financial hardships as hospitals.
Excerpts from Becker’s Hospital CFO’s article,
“21 statistics on high-deductible health plans.”*
- From 2011 to 2014, the number of consumer payments to healthcare providers increased 193 percent, according to a study from InstaMed.
- Patients with high-deductible policies are grappling with significantly greater out-of-pocket costs. Kaiser Family Foundation reports the average annual out-of-pocket costs per patient rose almost 230 percent between 2006 and 2015.
- Since 2000, U.S. hospitals have provided more than $502 billion in uncompensated care expenses, according to a reportfrom the American Hospital Association.
- According to Kaiser Family Foundation, 43 percent of insured patients said they delayed or skipped physician-recommended tests or treatment because of high associated costs.
- As healthcare spending continues to climb, some expect the prevalence of high-deductible plans to increase. According to Health Affairs, healthcare spending is predicted to outpace GDP growth through 2024. Healthcare spending is growing at a rate of 5.8 percent from 2014 to 2024, and is expected to amount to 19.6 percent of the GDP by 2024.
*Brooke Murphy, “21 Statistics on High-Deductible Health Plans,” Becker’s Hospital CFO, May. 19, 2016, http://www.beckershospitalreview.com/finance/21-statistics-on-high-deductible-health-plans.html
We’ve spoken with financial executives in both hospitals and group practices and determined that several things are needed to help providers obtain patient out-of-pocket expenses:
- Focus on collecting payments upfront, before procedures and services are rendered
- Provide patients with a way to pay in installments
Out of these conversations, HealthQRS has developed two solutions to deal with patient balances BEFORE they become bad debt: A Point-of-Service solution and a Retail Medical Marketplace. Next week, we will discuss the Retail Medical Marketplace.
Supply your Team with an Upfront Payment Tool
Training and supplying two important teams with resources is a great start. Those teams are your schedulers and your registrars. The HealthQRS Point-of-Service solution provides schedulers and registrars with interactive, flexible scripts that help them discuss, upfront, the financial burden to the patient.
Our system uses a special algorithm to calculate the true out-of-pocket per patient per procedure. As soon as a procedure is authorized and the scheduler calls your patient, he or she has a tool to discuss the true cost of the procedure, along with the exact amount that the patient will owe. At that point, the scheduler can either collect the full out-of-pocket amount or set up monthly payment plans. This helps you receive much more than the typical 15 cents on the dollar once a debt goes into collections.
With HealthQRS everybody wins because your schedulers and registrars have a point-of-service tool with scripts for intelligent, compassionate conversations and a way make the financial transaction at the point of scheduling.
Our Point-of-Service Solution helps you:
- Lower bad debt because you receive deductibles and out-of-pocket balances upfront
- Increase patient awareness of their out-of-pocket
- Limit no-shows because the patient has already paid
- Improve patient satisfaction because they aren’t surprised with a high bill