This is the final post in a series of three that aims to evaluate today’s healthcare statistics and their impact on facility operations. To accommodate today’s changing healthcare environment, believes that providers must employ new and innovative techniques to solve the problem of low collection rates and their impact on the bottom line of healthcare facilities:
Millions of additional people are securing insurance on the new exchanges, often with higher-than-average deductibles as compared to common workplace-type plans. As of July 2014, approximately 10 million newly insured patients have entered the healthcare system as a result of the Affordable Care Act.
Impact: As more Americans secure insurance through new programs there is increased pressure on healthcare facilities to collect from more individuals with high deductible plans. Many of these facilities worry that while more individuals are able to purchase insurance, they may not be able to afford the high deductibles associated with their plans. This would lead to a growing percentage of bad debt and force the facilities to send more patients to collections.
Apex solution: Old billing methods are proving ineffective at turning self-pay collection challenges into financial opportunities. New solutions are needed, with communications strategies that fit the patient. Apex applies a proactive, high-touch approach that delivers the right message at the right place at the right time, encouraging patients to pay their way. To do this, Apex uses its messaging expertise and industry-leading payment platform to help providers increase collection yield and decrease statement costs.
To learn more about Healthcare Statistics, read part one and two articles linked below: