The rise in insurance deductibles has lead to a significant shift in financial responsibility to the patient. An increasing number of patients are either uninsured or underinsured.
Half of all insurance policyholders face a deductible of at least $1,000. A recent survey conducted by the Federal Reserve Board found that over 40% of adults claim they cannot come up with $400 in an emergency. Physicians and care providers are often left in a situation where they have to decide whether to turn a patient away, accept less for their services or come up with other ways to help patients get the care they need, while still ensuring the financial stability of their business.
Here are 4 options that can lead to cost savings for the patient without compromising quality care.
Practices are having trouble collecting what is owed, and patients are struggling to pay out-of-pocket for care. Disclosing costs to patients upfront, drafting a policy and offering multiple options for payments are ways to keep your practice growing while still maintaining a high level of patient care.
At CollaborateMD we are obsessed with getting your medical claims paid fast. All of us at CollaborateMD are here and ready to help make your life easier.
Give us a call at 877.480.6517 for more information.