Policy Examples

• Increased transparency is paramount in obtaining patient payments. One recommended method is to simplify invoices so that they reflect what is covered by the insurer and what is covered by the patient. source
• Becker’s Hospital Review recommends the following be considered before offering a patient financing program: an understanding of return on investment for internally managed short-term versus outsourced long-term payment plans, an interest-free payment option to ensure satisfaction and adoption, and patient engagement. source

Outcome Evidence

• According to a study by the credit rating firm TransUnion, which reviewed 2014 and 2015 data, 80% of patients owed $500 in medical bills and 51% of patients owed at least $1,000. The study also highlighted an average 13% increase in deductibles and out-of-pocket costs. source
• Calculating the cost of care before the procedure or service is provided to better educate patients and allow for dialogue to better understand cost. Providers who do not collect payment before or at the time of care are only 40% likely to receive any payment at all according to Healthcare Finance. source
• According to a 2019 survey by Cedar, 49% of patients say they were frustrated with physicians who did not have a way to pay bills or find out insurance information online.  source