This Becker’s Hospital Review article highlights a November 2016 Crowe Horwath Benchmarking Analysis entitled, Patient Financial Responsibility on the Rise: Providers Face Net Revenue Impacts. As high-deductible health plans and ACA participation increase, so does the patient financial burden from self-pay co-pays and deductibles. Increasing out-of-pocket is having a serious impact on healthcare provider operations across the industry as they struggle with collection rates.
While Crowe does a good job at identifying the problem, OnPlan brings the toolset to solve it. Hospitals are turning to costly early out and bad debt collection agencies to help collect from the patients who cannot afford to pay their out-of-pocket at one time. OnPlan identifies these patients upfront through segmentation, drives self-service activations of installments they can afford, and reduces collection agency placements by 30%!
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