High-deductible health insurance plans are becoming the new norm. Only a couple of years ago, plans with more than a $1,300 single-rate deductible were rare, and usually reserved for young people. Now it’s not uncommon for the only affordable health plan to come with a $6,500 deductible. In addition, more plans are only covering a percentage of the cost of care on many procedures.
Alchemy is an ancient tradition centered around the transformation of matter. Alchemists were particularly interested in the idea of turning base metals, such as lead, into gold. It was based on a misunderstanding of basic chemistry and physics. Naturally, it was considered a science. Now it’s a philosophy that has been disproven.
Capacity to Revenue Model
Nobody wants to turn away patients who can’t afford care. Unfortunately, when your practice relies on insurance reimbursement or elective care to stay open, that’s often what happens.
The result is people who don’t get care, or get less care than they need — not to mention revenue lost for your practice.
High deductible insurance plans are the most affordable option for many people. Unfortunately, they also rely on liquidity that many people simply don’t have. 78% of full time workers in America live paycheck to paycheck, and many can’t afford an unexpected bill of six thousand dollars (or more).
In addition, a lot of people need care that isn’t covered by insurance providers. Unless they can secure a loan, procedures that will improve their lives are held out of reach.
Allowing your patients to independently finance all or a portion of their costs gives them access to the care they need — and ensures that you don’t have to turn away those in need.
If you run a medical practice in 2019, cultivating a nuanced understanding of medical financing is an important part of your job.
The growing popularity of high-deductible health plans means more and more patients are paying out of their own pockets for medical care. For practices, the added pressure on patients can directly impact revenue.
We are UP-GRADING and IMPROVING our customer experience and we think you are going to love it! HFD is excited to announce the release of our new 2.0 Provider Portal, coming January 2018!