With the rise in popularity of high-deductible health plans, patients are shouldering more of the cost for the care they receive, and hospitals are interfacing more than ever with patients to collect on accounts.
Fueled by HDHPs, patient payment liability increased from $250 billion in 2009 to $420 billion in 2015, and the growth trend is expected to continue. By 2023, average annual growth of out-of-pocket healthcare expenses is expected to rise to 5.5 percent, up from 3.2 percent in 2013.
As patients take on more financial responsibility for their medical care, they expect to be treated more like true customers, making it vital for hospitals to focus on improving patient experience when it comes to billing and collections.
It's important for hospitals to update billing practices to meet patients' raised expectations and offer flexibility to patients with high balances. Failing to do so can have a negative impact on a hospital's financial performance, as hospitals take on bad debt when patients don't pay.
Learn more about how to manage HDHPs during an Aug. 30 webinar sponsored by Zotec Partners. Featured speaker Joe McMurray, vice president of patient experience at Zotec, will discuss HDHP strategies for increased reimbursement, new patient experience methodologies, point of service techniques integrated with RCM technology, new mobile technology and security policies, and patient data and propensity to pay.
To register for the webinar, click here.