The rise in deductibles, copays and out-of-pocket premiums that has turned patients in to shoppers — a trend known as consumerism — has put an equal burden on healthcare providers. Especially when it comes to billing, collections and the other financial tasks tied to an organization’s revenue cycle.
According to a new report by revenue cycle vendor Availity, the trend is running pretty deep with providers, led mainly by the spike in high-deductible health plans offered by employers. The report claims 81 percent of employers will offer HDHP’s in 2015.
The change has made collecting payments even harder. The Association of Credit Collecting Professionals said the recovery rate was barely over 15 percent in 2013.