Making the Business Office Transition for High Deductible Health Plans
Providers today have a constant quest: to keep up, find new ways of creating better payment programs and bring new ideas into the business office. In as few words as we can state it, high deductible healthcare plans are largely the impetus behind this "constant quest."
New payment systems are necessary to keep up with the demands that the Affordable Care Act (ACA) puts onto healthcare organizations to pay higher deductibles.
At the same time, insurance products have been reinvented and those working self pay are suddenly burdened to collect higher patient portions of the patient responsibility.
Nothing in healthcare is $10 anymore, but rather thousands.
Who or what can assist?
New technology is good, but hiring the staff that can be trained to work out these new “payment plans” adds another element to an already strained collections system. Extended Business Office (EBO) sourcing can be a viable alternative, especially when you find a partner who can hire more highly qualified FTEs to work these accounts both from the front end and an ongoing basis.
We hear time and time again during our conversations in the field that healthcare organizations cannot hire and retain qualified billing and collections staff.
Taking that burden away from the financial services organization and streamlining the process using highly qualified staff can make for a solid ROI.
And that would enable healthcare organizations to take a break from the "constant quest" and instead smile at the collaborative effort that is growing the bottom line.