Rising deductibles equal less revenue for your practice
Health care premiums are set to rise again in 2017, and higher deductibles are requiring patients to shoulder more responsibility. Drew Altman, President and CEO of the Kaiser Family Foundation stated,
“Deductibles have been going up so much faster than wages, almost seven times faster than wages,”
What does this mean for healthcare providers? It means collecting patient responsibility will become an increasingly bigger part of their revenue stream. What further complicates the matter is the large majority of the population can’t afford to pay the deductible at the time of service.
A survey by Bankrate.com found that 63% of Americans don’t have enough savings to cover an unexpected emergency-room visit costing $1,000.
Are you having trouble collecting patient deductibles? Provider Web Capital’s patient financing platform helps to make healthcare more affordable by offering a one-year financing alternative for these high deductible situations, while still allowing you to receive a portion of the funds upfront. Click below to learn more.