Are you collecting everything owed to you?
With the recent increased trend of High Deductible Health Plans, more and more insurance companies are shifting the cost of care to the patient. In order for your office to be successful, you must have an effective set of procedures to capture these balances. DocCalc provides an essential service by calculating not only what the patient will owe, but what you should expect to receive from the insurance payer.
Consider this scenario
You see a patient in the office today, perform diagnostic testing and schedule surgery. The patient has a $35 co-pay for the visit. Testing is covered under the $1000 deductible and their plan pays 80%, with an out-of-pocket maximum of $2500. They have met $750 of their deductible and none of the out-of-pocket.
Do you know how much the patient owes for today’s visit/testing? What would you collect for their upcoming procedure(s)?
Let's be honest...
When you send a patient a statement, you're really just crossing your fingers and hoping they pay. Statistics show that patient collections are a source of rising concern, increasing costs, staff time, and lost revenue. Fifty percent of overall patient responsibility goes uncollected. Experts estimate bad debt due to uncollected deductibles/co-insurance runs practices about 18% of their potential revenue, with a self-pay default rate of 30% or more. Administrative costs for collecting from a patient are twice that of collecting from a payer.
Making it as easy as possible for patients to make accurate payments at the time of service will best serve both your patients and your practice. DocCalc provides you with the information you need to collect every penny you are due.