Collections of patients’ outstanding bills, those charges not covered by health insurance plans, are set to challenge medical practices across the country, if they haven’t already. Consequently, physicians will need to migrate toward other methods to collect patient payments, including offering online payment portals and accessibility for patients to make a single or series of electronic funds transfer (EFT) payments.
The Affordable Care Act has compelled many companies to change the healthcare plans they offer to employees to reduce their rising costs associated with plan implementation. Consequently, many employers have shifted to high deductible healthcare plans being offered by health insurance companies. But these plans require employees to satisfy a significantly higher level of medical costs upfront, before any insurance will kick in. Today, many healthcare plans sport annual individual employee deductibles of $5,000 or even more—a high hurdle for many insured individuals.
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