With deductibles going up and patients having to cover more of their overall healthcare costs, collecting payments is becoming more challenging. Industry surveys have shown that healthcare providers typically collect only about 54% (on average) of their outstanding receivables, which translates into billions of dollars in potential lost revenue.1 The shift toward healthcare plans with high deductibles exacerbates this issue.
Effective management of patient payments is a key priority for healthcare providers, including doctor’s offices, dental practices, hospital systems, and long-term care facilities, and it goes beyond just collecting deductibles at the time of care. Simply expanding payment options--such as by accepting Visa--is one strategy that can support both patient and provider needs.
1 Source: MGMA Cost Survey Report for Multi-Specialty Practices, 2012 Report Based on 2011 Data