Did you miss our spring educational webinar, “Strategies for Increasing Patient Reimbursement?” If so, here’s a brief recap.
The New Normal: High Deductible Plans
Half of all workers on employer-sponsored health plans could be on high-deductible insurance within a decade. The average deductible in employee sponsored health plans was $1100 in 2013, but deductibles in the healthcare exchanges average between $3,000-$5,000.
Transition to ICD-10 has been delayed by at least one year to October 1, 2015. Based on regulatory and industry changes, estimated transition costs TRIPLED between 2008 and 2014.
Affordable Care Act
More people have health insurance but more people don’t understand their health insurance. Self pay now includes a lot of the people who have insurance with HDPs.
Why It Matters
Patient responsibility is increasing
Aetna CEO, Mark Bertolini, projects patient pay responsibility to climb to 50% by the end of the decade.
Confusion over plan coverage
More people with health insurance, more people who don’t understand their health insurance – when coverage starts, what bills mean, what payment options exist.
Charity care, bad debt on the rise
The cost of uncompensated care has more than doubled in the past 10 years.
Reimbursement tied to patient engagement
The Hospital Value-Based Purchasing (VBP) portion of the Affordable Care Act returns higher Medicare reimbursements based on patient experience scores.
What You Can Do to Increase Patient Reimbursement
Focus on Education
Make it your mission to help your patients understand their bills, educate them on payment options, and help them navigate any insurance issues.
Create a Consumer-Focused Culture
Emphasize patient satisfaction over collections. Patient satisfaction surveys can help identify potential problems before they escalate and determine reimbursement rates.
Make It Convenient and Easy for Patients to Pay
Extended call center hours and online payment platforms optimize patient access. Consolidated billing and payment plans simplify the payment process.
Offer Incentives for Self Pay
Patients don’t get to make adjustments to what you charge for a procedure. Sweetening the pot by offering payment incentives can greatly increase reimbursement and patient satisfaction.