Why? One reason for the increase in annual deductibles is the growth in enrollment in High Deductible Health Plans (HDHPs).
According to KFF Employer Health Benefits Survey, 2018-2020; Survey of Employer-Sponsored Health Benefits, 2007-2017 (Figure 7.19), you can see that percentage of workers with deductibles over $1000 has risen from 33 percent in 2009 to 69 percent in 2020. Over the past 10 years, there has been a complete flip in the employee’s contribution to the annual deductible. This shifts a greater portion of out of pocket cost to the employee.
When you couple higher deductibles with the fact that nearly 40 percent of adults cannot cover an unexpected expense of $400 using cash, savings or a credit card which could be paid off at the next statement. This reinforces how important it is to focus on the collections during the intake and the first 90 days.
Join Allegiance Group’s Bruce Gehring and Prochant’s Joey Graham to learn how you can avoid a cash flow slump in 2021. You’ll leave this webinar with the tips you need to survive — and thrive — during deductible season.
Learn the answers to questions like:
Should you implement a hold on your insurance claims temporarily and let OTHER providers take the deductible hit?
How do you deal with the payer changes that occur at the beginning of the year?
What impact does capturing payment information at intake have on future collections?