A Guide To Boosting Reimbursement At Physician Practices
The rise of high-deductible health plans has given patients more freedom in plan choices —and added to their burden for paying healthcare costs. In fact, patients are now the third-largest payer of healthcare costs, accordingto a TransUnion report.
And patients are struggling to pay those costs. The Commonwealth Fund statesthat 79 million Americans reported having problems with medical bills or debt. Another TransUnion analysisfound 68 percent of patients with bills of $500 or less didn’t pay their balances in 2016.
Not surprisingly, 83 percentof practices with five or fewer physicians say slow payment from high-deductible patients has affected revenue. And Citi Retail Services predicts30 percent of patient responsibilities —around $200 billion —will be written off in 2019.
With reimbursement decreasing, it’s more important than ever for practices to capture as much outstanding revenue as possible.