Understanding your opportunity
With the introduction and increased popularity of high deductible plans, there is more pressure than ever on the patient to pay their share. The average deductible for a high deductible plan is more than $5700, making out of pocket costs significant! How are your patients going to pay for deductibles, copays and items that are not covered by insurance? And how will those increasing payments impact your business?
Here’s what you need to consider:
- Patient pay collections directly impact your bottom line.
- The A/R volume you have at stake will be increasing.
- By 2020, the industry expects nearly 37% of your A/R will be from payments from your patients.
- On average, many suppliers collect less than 50% of their private pay balances.
- When using COLLECTPlus, our clients normally see at least a 20% increase in cash recoveries.
The chart below illustrates how Patient Pay Balances nearly doubled from 2010 to 2015 and how they will nearly double again from 2015 to 2020.
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