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In healthcare, the story of rising costs for patients is not new. The high costs of healthcare only continue to climb for consumer and their wallets. A significant factor in this trend are high deductible health plans (HDHPs). Since first introduced, the deductibles for these plans have skyrocketed. In fact, the average deductible amount is now $1,735 and has increased 53 percent over the last decade.1
Even as the trends in consumer costs have remained steady, many provider organizations still have trouble effectively collecting from patients. Half of providers reported being challenged by large patient balances.2 Additionally, 72% of providers take more than 30 days to collect after a patient encounter.
Multiple statements, unpaid bills, late payments – patient collection challenges can wreak havoc on provider organizations and their budgets. To improve collections, there are key trends to help inform provider organizations on how to effectively connect with patients.
1KFF, 2023 Employer Health Benefits Survey, October 2023
2InstaMed Provider Healthcare Payments Survey 2023