Here are four key thoughts:
1. An Advisory Board analysis evaluating 400,000 claims found patients are less likely to pay what they owe if they have a higher deductible. The study found only 36 percent of patients with deductibles exceeding $5,000 were likely to pay a portion of what they owed.
2. Comparatively, more than 66 percent of patients with deductibles of less than $1,000 were likely to pay at least some portion of what they owe.
3. Almost 75 percent of healthcare facilities and hospitals are engaging in “point-of-service collections,” or asking patients for money at the point of services, estimates Richard Gundling, a senior vice president at the Healthcare Financial Management Association, an industry group.
4. Many providers contract with companies that help hospital secure payments from patients upfront. These companies give providers scripts on how to talk with patients on their payment obligations and go over various payment scenarios.
More articles on coding & billing:
Best practices for coding & billing 4 common GYN procedures
Columnist: Health industry lobbies to keep ACA customers — 4 takeaways
Pelosi: Democrats don’t support Medicare, VA privatization
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.