“As deductibles rise and consumer confusion over what they owe out-of-pocket for their medical bills increases, it is more and more difficult for hospitals to maintain sustainable cycles of payment. Our healthcare payment innovations are always anchored by the goal to get healthcare networks paid faster by giving patients a clear understanding of what they owe and why, accompanied by ease of payment.” – DivDat
High deductibles are not going away.
The number of people with high deductible plans rose to 15.5 million in 2013 from 1 million in 2005, according to America’s Health Insurance Plans. High deductible health plans are those with an annual deductible of $1,250 or more for individual coverage, according to the IRS.
This drastic growth in high deductible plans has hospitals rethinking their payment processes and patient communications.
Andrew Rubin, vice president for medical center clinical affairs and affiliates at New York University Langone Medical Center told Bloomberg in an interview that they are collecting the patient portion of the bill at the point of service.
“We get our money faster. As patients pay higher deductibles, we’re talking about potentially thousands of dollars. People get excited to buy a TV, but health care is a service they don’t like to pay for.”
As the healthcare ecosystem continues to put patients in the role of consumer, hospitals and healthcare networks are defending themselves by proactively communicating what is owed and collecting payment at the point of service. Read the entire Bloomberg article here.
Talk to DivDat about point of service payment options, patient communications and getting paid faster.