Health Finance’s Susan Morse features InstaMed’s Ninth Annual Trends in Healthcare Payments Report.
Read the full article, Revenue cycle advice: Whether bills are paper or digital, get paid upfront. Below is an excerpt from the article.
Patient balances present one of the most significant challenges in revenue cycle. Eighty-five percent of covered workers have a deductible and in 2018, the average deductible was $1,573. The percent of patients unable to pay a $1,000-plus medical bill is 56 percent, according to the ninth annual InstaMed Trends in Healthcare Payments report.
InstaMed’s client solution is to go electronic at the time of registration to increase collections. Eighty-five percent of consumers own smartphones, and many of them are constantly checking their messages; Why not make billing a part of that experience, is the argument. Yet 90 percent of providers are still sending out a paper bill, according to the report.