Patient as Payer
THE THREE TRENDS YOU NEED TO KNOW
There has been a dramatic change in who pays for healthcare and how much financial responsibility patients have.
Direct patient payments are an important part of your revenue cycle.
The organizations that are best prepared for this changing landscape will be able to weather it and ensure their
revenue cycle is not disrupted. Here are three aspects of this new reality that every provider needs to understand.
Rapid changes to payer landscape
Patient portions of payments for healthcare rose significantly over the past 20 years.
This trend will change how you treat your patients, which tests and procedures you perform and your billing procedures. Increased patient financial responsibility means that you have to be prepared to collect payment – even when the patient is having a difficult time paying.
Less reliable revenue cycle
Organizations accustomed to the relative certainty of Medicare and insurance payments, now find themselves in a world of payment uncertainty. It’s not necessarily that patients do not want to pay or won’t pay – it’s often that they need other payment options.
Generational patterns of patient payers
Trends overall point to patients not paying in full or understanding their financial responsibility.
While these are challenges that all generations face, millennials face the combined challenges of higher costs – due in part to high-deductible health plans – and lower incomes.
Embrace trends in your organization
These trends represent a new reality. Educate your patient payers about their financial responsibility and offer tools to best meet their needs.
Tackle the trends:
Collect payment up front
Offer automated payment plans
Provide online bill pay for patient self-service 24/7
See how ABILITY SECUREPAY® can help your organization adapt to billing trends.