Patient Co-Pay Causing New Challenges for Hospitals and Healthcare Facilities
The dynamics have changed for hospitals and medical providers.The reality is high-deductible insurance and/or no insurance have erected a large population of self-pay patients. How can hospitals stay on top of their accounts receivables with a large populace that are sick but cannot pay? This changing market has made debt collection more complex yet more fragile. In the age of Social Media, if a patient feels his/her past due balance was unfairly handled, they may unleash a tirade of negative reviews all over the Internet.Let’s discuss the latest trends regarding self-pay patients, debt collections, and how to adapt to this emerging market.
Self-Pay Receivables for Hospitals
Adding to the challenges of dealing with insurance companies and government bureaucracy, hospitals are facing higher patient responsibilities along with slower and declining payments.Below are InstaMed’s Sixth Annual Trends in Healthcare Payments Report:
·74% of clinicians report an increase in patient payment responsibility.
·70% of providers say it takes at least 30-days to collect from past-due patient accounts.
·9 out of 10 consumers want to know the upfront cost of treatment and how much they’ll owe
·Mobile device payments increased to 18% as consumers now prefer to pay bills online.
According to the American Hospital Association, hospitals reported more than $502 billion in uncompensated medical treatment since the year 2000. The soaring expense of health plans has caused some patients to drop insurance.A lot of these health plans are “catastrophic”, so the insured is facing high costs even after insurance kicks in. 72% of healthcare providers say patient responsibility debt collections are their number one worry, partly because self-pay dollars are dropping, and account receivables are more time consuming and complicated. As the rate of self-pay patient accounts increases, the need to collect will rise sharply because the balance ($) patients are facing after insurance reimbursement is higher and continues to increase.
To adapt to the current financial trend and increase revenue, hospitals are turning to debt collection companies likeSales Antidote Kinum, the smarter debt collection agency.Sales Antidote Kinum helps hospitals capitalize on new ways to engage patients while improving their bottom line – raising cashflow while offsetting the negative trends that are affecting revenue.Sales Antidote Kinumhas been the trusted partner of health systems, hospitals, and private practices for years. Our team of friendly consultants offers the latest technology to simplify debt collections, improve accounts receivable management, and increase revenue.