Inbox Health data finds 50% of practices bill their highest amount of patient accounts receivable in the first quarter.
NEW HAVEN, Conn., Nov. 12, 2024 /PRNewswire-PRWeb/ -- A recent analysis by Inbox Health, the industry's leading solution dedicated to patient billing, payments and collections, indicates that 50% of healthcare practices bill the highest dollar amount of their patients' total annual accounts receivable in the first quarter of the year, with a startling 32% peaking in March alone.
According to Blake Walker, CEO of Inbox Health, "This statistic clearly delineates the staggering payment responsibility placed on patients by the modern structure of high-deductible healthcare plans (HDHP). As Inbox Health data shows, both patients and practices feel the biggest impact in the first quarter of the year – what we like to refer to as deductible season. This places enormous stress not only on patients, but also on healthcare providers who are troubled by delayed or missed payments."
There are steps patients and practices can take to reduce the pain of deductible season, get bills paid, and ensure a healthy relationship between patients and their providers.
The Rise of the HDHP
High-deductible healthcare plan enrollment is up 35% in the last decade1 with over 51% of private industry workers participating in such a plan2. For practices, this shift has made patient billing revenue a larger portion of overall practice revenue. Patients feel the burden more in January, February and March, before their deductible is met and insurance kicks in. It's not uncommon for patients to delay paying medical bills due to financial limitations – about half of adults say they can't afford healthcare costs – or confusion related to what they owe.
What Can Be Done – Tips for Patients
The burden of deductible season is alleviated when patients and practices work together. Here are steps a patient can take:
- Don't let time slip away from you. Complete as many tests, procedures and visits as possible prior to the end of the year before the new deductible takes effect.
- Begin early. Set aside money to pay insurance deductibles.
- Be proactive. Prior to January, check with your insurance to determine what your family and individual deductibles will be so there are no surprises.
- Come to your first medical visit prepared to pay for services or to set up a payment plan with your provider.
- If you are having difficulty understanding or paying your bills, communicate with your provider and discuss options.
What Can Be Done – Tips for Practices
For practices, navigating the complexities of deductible season requires pre-planning, focused training, and appropriate technology. These actions provide a patient-friendly environment and cement a cooperative relationship between the provider and the patient.
- Check for insurance eligibility and benefits before a patient visit so you can accurately communicate anticipated costs.
- Collect payments or set up payment plans at the time of the visit to eliminate confusion after service.
- Make payment convenient and transparent by offering multiple payment options (credit card, digital wallet, phone payment or paper checks) and empowering patients to set up a payment plan.
- Make patient statements easy to understand by clearly showing the cost of service, insurance coverage, and what the patient owes.
- Offer your patients a variety of clear and immediate support channels (phone, chat, email, text).
In few relationships is it truer to say, "We're in it together," than between a patient and their healthcare provider. This encompasses both the plan of care and coping with the challenges of insurance deductibles. Understanding and compassion are essential, but even more important is planning and preparation. For both patients and practitioners, these 10 steps can help.
Healthcare practices can learn more by downloading a guide to managing deductible season, attending a webinar, or requesting a free deductible season readiness audit to assess risk.
About Inbox Health
Inbox Health directly addresses one of the fastest-growing problems in healthcare—the challenge of patient A/R. Built for healthcare revenue cycle leaders, Inbox Health automates patient billing and patient payments and modernizes the patient support experience. Inbox Health improves patient engagement by providing clear medical bills immediately after service, choice of payment methods and communication channels, and fast, empathetic support through the phone and live chat. By improving the patient experience, practices see an increase in profitability, cash flow, and collection speeds. With Inbox Health, customers report a 60% increase in collection speeds in the first 60 days. Inbox Health provides an automated, streamlined platform that increases revenue, saves time, and reduces costs. Inbox Health currently serves over 3,000 healthcare practices and more than 2 million patients a year. Headquartered in New Haven, Conn., Inbox Health was recently named to the Inc. 5000 list of fastest-growing private companies in America. More information can be found at www.inboxhealth.com.
1 KFF, Oct 2024, 2024 Employer Health Benefits Survey
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Media Contact
Deborah Jones, Inbox Health, 1 714-656-0139, [email protected], InboxHealth.com
SOURCE Inbox Health
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