America's Health Insurance Plan Census of Health savings account clearly showed the growth of high-deductible health plans. The number reached around 10.7 million in January 2015. These high-deductible health plans combined with economic downturn has made payment responsibility heavily shifting towards the patient and thus made collecting fees a growing challenge for medical services.
Apart from that, millions of Americans who are entering the insurance market for the first time under the Affordable Care Act (ACA) face higher out-of-pocket costs for these new health plans, thus directly impacting the practice's finances and increasing their bad debt percent year on year.
As a result, the practices need to shift their focus on collecting up-front and refining their billing strategies.
Below are some of the smart strategies to improve your practice's finances: