5 Practices to Improve Patient Payments
Healthcare service calls for a high degree of compassion and selflessness. But ultimately, a hospital or a doctor’s office is a business too. It has to generate enough revenues to pay the staff, maintain the infrastructure and grow. But thanks to the complexities inherent in the US healthcare system, maintaining a smooth flow of revenues is a challenge for many healthcare practices. In recent years there has been an added twist to the problems that healthcare providers face. The reimbursement model for healthcare services has seen a shift towards more patient responsibility. Patient copays now make up 20 % of a practice’s revenue. This shift poses a big challenge for healthcare providers because collecting from patients is more difficult than collecting from insurance companies. That is perhaps why only 60 % of patient copays make it to the practitioner’s accounts. These losses when accumulated make a big dent in the provider’s revenue. According to the American Hos...