Infographic: The Changing State of Patient Collections
Independent medical practices have historically led the industry in their success rate with collecting patient payments, as compared to hospitals and larger healthcare networks. But new numbers from a recent Kaiser Family Foundation survey point to the need to give more thought and attention to patient collections. In 2016, 83% of covered workers now face an annual deductible for single coverage. And the deductible has increased to $1,221, from $1,077 in 2015 (KFF.org). For the foreseeable future, patient collections will be representing a substantial part of total A/R. And medical practices are seeing the need to rethink their payment collections methods--not only to improve payment and collections, but to improve patient satisfaction and engagement.
Editor's note: This updated content was originally posted July 2015.