By Dr. Eric Bricker on April 12, 2023
Doctors, do you know how much your patients owe you? It’s way more than you think. Luckily there is a way to get it and I’m going to break down how in this week’s episode of Healthcare Uncovered.
For patients with commercial insurance, out-of-pocket costs now account for almost 20 percent of doctor revenue. On average, insurance is only going to give you 80 percent of what you should be paid. The other 20 percent has to come from the patients themselves. But collecting payments from patients is difficult.
Almost 75 percent of doctors report that it takes over one month to collect patient out-of-pocket costs like deductibles and co-insurance. So even after you’ve jumped through the hoops of prior authorization and billing, the amount you get paid is still 20 percent less than the full allowed amount because of the patient out-of-pocket responsibility.
One practice I spoke with recently in Boston said their #1 payor was Blue Cross and their #2 payor was the patients themselves...above all other insurance companies!
There are solutions, including working with payers that pay you in full and eliminate your need to collect from the patient. They exist! I break it all down in Episode 4 of Healthcare Uncovered.
Healthcare shouldn’t be complicated. Check out Nomi Health’s Open Network of physicians to break through the red tape, collect the money you’ve earned, and get back to why you’re doing this in the first place.... helping patients.
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