The Four C’s of Collecting Cash Up Front
Whatever healthcare services you provide, you’ve probably felt the pinch of tightened reimbursements—perhaps even 30 to 40 percent less than what you received in the past. This means that consumers are being required to play a larger financial role in their healthcare.
In fact, a recent survey indicates that the number of consumers with high-deductible plans has risen dramatically in the last few years, with the average deductible at $1,046 in 2014. As a result, your healthcare operations’ bottom line is dependent on patients paying their share.
To protect yourself, train your staff to follow the “four C’s” of patient payments.
- Capture the contact information for patients and responsible parties, including both mobile and landline phone numbers as well as email addresses.
- Check insurance information (deductibles, remaining out-of-pocket owed and the percentage of contributions from plans) at each verification.
- Calculate the portion owed by the patient at delivery.
- Collect the patient’s payment, or as much of it as possible, when the products and services are delivered or shipped.
Some patients, who were accustomed to the status quo of paying little or nothing at delivery and waiting for a bill to come in the mail, may balk at paying copays and deductibles up front. However, as your staff collect consistently, your patients will become accustomed to a new normal.
For more information on collecting the cash your HME/DME or other healthcare business is owed, download our white paper, “Patient Payments Now Required.” Also see how our latest HME solution CareTend, can maximize your collections!
1. PricewaterhouseCoopers LLP, “Health and Well-Being Touchstone Survey,” June 2014. http://www.pwc.com/us/en/hr-management/publications/health-well-being-touchstone-survey.jhtml