When patients are unable to pay their bills, the repercussions tend to be far and wide, affecting clinical laboratories for example. Medical laboratories that are already federal value-based payment program compliant may face a greater amount of pressure from patients trying to determine how to pay for services.
According to a TransUnion Healthcare analysis, patients saw an eleven percent increase in out of pocket expenses last year. For clinical laboratory managers devising ways to keep the revenue flowing consistently, this may be a cause for concern. In order for patients to receive the care they need from healthcare providers, there should be tools and processes established to assist patients in meeting their financial obligations while also keeping an eye on having funding mechanisms to aid the patient as well as the provider. Clinical laboratories are no exception.
Unpaid patient balances result in a greater amount of provider care that goes uncompensated, which means clinical laboratories must also deal with a rise in unpaid balances. Patients are also often forced into health plans with high deductibles which often requires them to pay hundreds if not thousands of dollars up front. With close to seventy percent of patients unable to fully pay bills as low as $500 according to TransUnion, it’s definitely something to think about.
To read more, please visit https://www.darkdaily.com/are-patients-becoming-the-new-payers-analysis-by-transunion-suggests-this-might-be-the-case-and-the-implications-for-clinical-laboratories-could-be-profound/.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical revenue cycle consulting, please call 877-759-6315.