Becker's Healthcare February 29, 2024
Mariah Taylor

The rate of patient collections fell from 54.8% in 2021 to 47.8% in 2022 and 2023, according to an analysis from Kodiak Solutions.

The analysis used patient financial transactions from over 1,850 hospitals and 350,000 physicians nationwide.

Here are seven notes:

  1. Patient financial responsibility accounted for roughly $1.1 billion of over $5 billion in total payments received.
  2. Providers collected about $500.5 million for services rendered in 2022 and 2023, which was less than half owed.
  3. There was a clear line between what patients were likely to pay and avoid paying: Patients were likely to pay outstanding medical bills of $500 or less and less likely to pay bills over $500.
  4. Patient collection rates decreased, but the claim dollar...

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Topics: Patient / Consumer, Provider, RCM (Revenue Cycle Mgmt), Survey / Study, Technology, Trends
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