How to Increase Patient Collections by the End of 2020
The rise in healthcare costs over the past few years has impacted both patients and providers alike. Consumers are choosing higher deductibles to secure lower monthly premiums, leading to larger medical bills. Deductibles for single workers have increased 54 percent over the past five years, while out-of-pocket costs have increased by 12 percent in 2018. As patients struggle to cover ever-growing medical expenses, providers are finding it harder to collect unpaid bills. Patient collection rates must increase if practitioners want to avoid potentially crippling losses. Studies show that 62 percent of healthcare providers’ administration costs are spent on billing and insurance-related activities. If collection rates were higher, this number would not be as concerning. However, with 36 percent of hospitals reporting $10 million of bad debt in 2018, providers are looking for more efficient methods of recovering patient collections. Outsourcing certain administrative duties to third-