Patient loan program supports expansion, increases staff efficiency
It’s no secret that high-deductible health plans have drastically altered the reimbursement landscape. Essentially, we operate in a two-payer world. Centers for Medicare & Medicaid Services and private payers represent one arm of collections, while increasingly patients are a secondary – and critical – payer arm themselves. Revenue cycle processes should tune revenue cycle workflows to engage patients in financial counseling up front so they understand their portion of the care cost and the financing options available.
A few years ago, Novant Health, which is a multi-state integrated delivery network, needed to combat the upswing in high deductible health plans (HDHPs) that ultimately transfer more financial burden to consumers. Novant Health has seen an increase in patients with HDHPs for more than six years. Today, it’s not unusual for patients to have $5,000 to $10,000 deductibles.