There was a time when a medical practice could stay afloat on just the payments it received from insurance companies. Those days are gone. Today’s reality is that now over 30 percent of revenue stream comes from deductibles, copays and coinsurance. In order to stay on top of your revenue, it is important to collect everything you can from these revenue streams and these collections should be an area of continuous improvement. In order to do this, it is extremely important that your patients understand

Collecting copayments and coinsurance is challenging because of the COVID-19 pandemic. Practices have been creative during COVID-19 to ensure safe patient access: Telephone visits. Curbside immunizations. Drive-up virus testing. Even checking patients in for their in-office visits while they wait in the car. However, each of these scenarios poses one significant challenge: Collecting copayments and coinsurance. “With COVID-19, you’ve got to find ways to meaningfully engage the patient,” says Denny Flint, chief commercial officer at Millennia, a tech-enabled patient engagement company specializing in the recovery

In years past, insurers (i.e. Medicare, BCBS) have traditionally been recognized as the healthcare payers; however, in the current healthcare landscape the patient is a significant payer for healthcare services. From 2002 to 2016 patient responsibility for healthcare costs rose dramatically, from under 10% to over 30%. This transfer of responsibility has created monetary challenges for providers and patients alike. Prior to the patient becoming the payer, providers didn’t consider revenue loss related to patient payment a high priority. The priority has always been collecting