12 Jan What to Expect When Deductibles Reset
It’s that time of year again when patient deductible liabilities are starting over again from zero. As a result, we all know to expect an increase in our self-pay liabilities at this time of year. Our friends and partners at Instamed recently shared a blog about the reset of deductibles and how to ensure you are receiving your payments due directly from your patients. We wanted to share this excellent information with our readers:
Deductible resets are a challenge for patients and providers alike. For one, patients may not fully understand deductible resets. When patients are confused, they are less likely to pay their responsibility, causing cash flow and collection problems for provider organizations.
Don’t let deductible resets be a roadblock as you kick off 2018. Here are three quick tips to ensure payments are collected efficiently:
Be Upfront and Clearly Communicate Patient Responsibility – No one likes surprises, especially when it comes to a large medical bill. If you offer patients an estimate of their payment responsibility before or during a visit, you will help patients better understand what they may owe.
Save Patient Payment Methods to Automatically Collect Balances – Payment plans are great for patients who are unable to pay the full bill at once, and for providers to ensure payments with less staff intervention. Keep patient payment methods saved on file and discuss payment plan options with patients so you can automatically collect payments on a regular basis until a balance is paid in full.
Make It Easy and Convenient for Patients to Pay Their Bills – The key to assuring patient payments is offering patients the option to pay how they want – whether it’s online, over the phone or via bank bill pay. This increases the chances of patients paying their bills, and fosters patient satisfaction.
For more information from Instamed on this topic, please click here.