The Milliman Medical Index (MMI) is the total annual cost of healthcare, as estimated by Milliman, Inc., for a typical family of four with employer-provided PPO insurance coverage. In a recently published Forbes article, this year’s MMI is $24, 671, representing a $1,456 (6.3%) increase from last year’s MMI. And it’s predicted that next year’s MMI will likely exceed $25,000.It’s no secret that today’s trend toward high deductible health plans, and the resulting increase in patient out-of-pocket expenses, have driven consumers to dig deeper into their pockets than ever before just to afford their healthcare bills. According to the article, the employee portion of employer-provided PPO insurance is now almost 43 percent of the total, or $10,473. Close to 40 percent—$4,065—of that is patient out-of-pocket expenses.
Patients typically want to pay their bills, but often the payment terms don’t match their already strained budgets. OnPlan Health provides an innovative solution that makes the out-of-pocket expense for a patient manageable while reducing the collections cost for the hospital. Our advanced analytics engine leverages provider payment history and financial assessment information to determine the optimal payment arrangement for the patient.
Day one, qualified patients are presented with an affordable payment plan option. Once activated, they can make convenient payments from any computer or mobile device, in addition to paying by traditional paper check. This combination of timeliness and convenience dramatically increases the hospital’s receivables while decreasing reliance on early out and collections. Not only that, but our early adopters have seen a dramatic increase in patient satisfaction and decrease in defaults.
As we continue to hear about the urgent need for innovation in health care payments, we are excited to be able to offer OnPlan Health as a solution that is a win-win for both the patients and the health care institutions that serve them.
For a personal demo of OnPlan Health, please complete our Contact page or call us at 847-813-6039. We’d love to show you how OnPlan can transform your high-deductible payment plans.