The Affordable Care Act has raised several concerns and questions. One change that doesn’t seem to be going down well with physicians and patients is high deductibles. It can put a significant strain on a medical practice’s financial stability and the physician-patient equation.
For years patients thought that their insurer would take care of financial responsibilities and their job was as simple as choosing the correct insurance plan. But things have changed drastically in the healthcare industry. Patients should savor the unpleasant liability of higher deductibles and physicians forced to talk to patients about the dreaded “M” word, money!
Too many plates spinning !
Just when physicians thought they were familiar with the mechanics of a third party payer system, the rules of the game have changed again. Apart from providing patient care, navigating through labyrinthine EMR systems and chasing deadlines, physicians should chase after patients to get paid.
There is a general misconception that patients who choose higher deductibles belong in the low income group strata. But, patients can choose insurance plans with high deductibles for a lot many reasons. The financial status of a patient has little or nothing to do with their choice of insurance plans.
From bad to worse !
The sheer magnitude and complexity of implementing the ACA is has a huge impact on the working conditions of healthcare workers. The workforce of most healthcare organizations are jaded, stressed out and under constant pressure. Throw in added patient responsibilities, and it can seem like a disaster waiting to happen!
Increased quality of care and better patient engagement is not possible if care givers are going to constantly worry about getting paid, and keeping the lights on at their medical practice.
How not to lose patients as well as dollars !
Create policies that will help you get paid up front. Know what your “allowed amount” is in your payment schedule and explain to patients about the out-of-pocket charges they have to pay. Inbox your patients, a line-itemed list of the medical procedures, that are covered by the insurer. This will put the ball in the patients’ court.
For patients who are financially backward, create flexible payment choices such as monthly payments or paying only a portion of their charges upfront.
Do you have a card swiper ?
It is essential you do. According to a survey by McKinsey as many as 37% patients cited lack of payment options for not paying medical practices. Utilize an online payment portal and have a credit card machine to encourage patients to pay. Calculating their out of pocket expenses before their appointment and informing patients beforehand will save your practice from front-desk chaos!
There is always an alternative !
Don’t have the heart to turn away a sick patient in desperate need of medical care ? Suggest lower cost alternatives such as charitable organizations, community clinics or county hospitals. This will ensure your patients are not deprived of medical care.
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