Healthcare Revolution: The Patient is the New Payer
What if we told you that now over 30% of the revenue in a healthcare office was sourced from the patient directly. It is no mystery that reimbursements have been dropping over the years and it is creating a new dynamic in the healthcare arena. We recently spent some time in New Orleans at the TIPAA (http://www.tipaaa.com/) aka The Independent Physician Associations of America annual conference when we heard Jonathon G. Wiik talk about his new book, The Patient is The New Payer. (Amazon)
The dynamic change in healthcare payer burden is onerous on many but with Patient Payment Solutions we can make sure that you get paid upfront or overtime. Third party payers have raised there premiums, decreased their benefits, and multiplied their co-pays over the years causing this fundamental shift of healthcare that is not changing. It is no mystery that getting payments from patients is more costly and more difficult. Engaging the patient at the beginning and being transparent up front will increase your practice’s credibility. No longer are envelopes full of bills with a mission going to work for your clinics. Patients are also fed up with cryptic bills that do not explain the services rendered.
From his presentation here are some stats
- Deductibles have traditionally been the best way for keeping premiums low.
- Out of pocket costs have tripled in the last 10 years.
- Patients pay three times as slowly as insurance carriers at twice the cost.
- Traditional billing methods are no longer working.
Patient Payment Solutions is your ally in keeping your revenue cycle moving and keeping your business profitable. We recommend reading Jonathon’s book to help you understand the situation better. His background as a principle at Transunion healthcare shines through.
Check out Jonathon G. Wiik’s new book: HEALTHCARE REVOLUTION: THE PATIENT IS THE NEW PAYER