As Patient Financial Responsibility Grows, Technology Key to Collections

RevCycle Intelligence August 10, 2023
By Jacqueline LaPointe

Patient financial responsibility has tightened provider cash flow, but tech has helped one medical group loosen its grip by doubling daily cash collections.

You may not want to think about the new year just yet. But if you don’t have a patient payment solution in place now, you might be sorry come January.

Patient financial responsibility has hit all-time highs over the last decade, with deductibles for a single patient covered by an employer-sponsored health plan averaging over $1,700. That cost is up 61 percent from 2012, KFF reports, and even higher for patients responsible for family medical expenses.

This rise in patient financial responsibility has squeezed cash flow in January and February, in particular.

“Out-of-pocket deductibles reset at the...

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