How to Keep Revenue Constant Amongst the Rise of High Deductible Plans
Among the major trends affecting healthcare payments, the most obvious trend is the rise of high deductible plans. With the introduction of these new plans, financial accountability has shifted significantly to the insured. As a result, both patient liability and bad debt have increased exponentially and providers are starting to feel the strain of additional fiscal pressures.
In an effort to keep a steady revenue stream, practices now need to think like retail organizations, finding ways to provide their patients with access to differing payment options at the point of service.
To guarantee some sort of payment at the point of service, practices should consider providing:
- Online payment option
- Integrate with patient portal
- Implement a “card-on-file” option
- Install POS kiosks
- Kiosks can be set-up for Patient check-in. During check-in, the kiosk will then prompt patients to pay for their visit at the time of service via credit card. If the patient tries to avoid making payment, the kiosk can then prompt patient to see the window.
- Create payment plan options