Increasing high deductible health plans (HDHPs) refers to the trend of patients paying for more of their health care services. When out-of-pocket deductibles reset on January 1st, patients with HDHP deductibles reset. This is not insignificant, with some deductibles being as high as $5,000 to $10,000.
Efficient medical billing strategies make it easier for patients to pay for their patient responsibility. This can be accomplished through website bill pay, text to pay, email payment links, statement bill pay, and interactive voice recognition software to allow patients to pay by phone.
Healthcare Bill Pay is another convenient payment method that is linked to healthcare insurance companies and their patient portals. Bill Pay allows patients to pay their providers directly from their bank account or credit card when a balance comes due.
InstaMed is one company offering this service. According to InstaMed, 73% of patients find their medical bills confusing. Most clinics already receive insurance payments, and by adding Healthcare Bill Pay, you can receive patient payments via EFT. This occurs when patients pay through their health plan’s website or via pay.instamed.com. Patients can also pay with a debit or credit card. Moreover, you can get detailed reports on patient payments for posting to accounts.
The Bill Pay option is now an industry standard. These conveniences also come with a cost, typically, these costs are minimal and similar to a credit card transaction, but they add up for healthcare providers. When measured against multiple statements and the risk of non-payment, these costs are still minimal.
Enrollment requires paperwork, signatures, and follow-up. Outsource Receivables helps facilitate these processes for clients to increase patient payment options, reduce manual touches and decrease patient receivables.