What to expect in 2009

During the past several years, healthcare costs for patients have risen steadily in the form of higher co-pays and deductibles, shifting the burden of payment to the patient. This becomes challenging for healthcare providers as this burden falls into their hands and becomes a serious and costly collection process.

With the cost of healthcare services predicted to rise by 10 percent in 2009, providers need to prepare their staff to collect the correct amount from the patient at the point of service so that higher healthcare costs don’t equal higher collection costs.

The IRS has already set the limits for high deductible health plans for 2009. The minimum individual deductible is $1,150 with the maximum set at $5,800. For family plans, it is $2,300 to $11,600. Healthcare providers need to ensure that they know not only what each patient’s total deductible is but most importantly how much of that deductible is remaining.

If the front desk staff does not have this information when the patient is in the office, then they will not be able to accurately gather payment. Therefore, the office’s collection costs and bad debt expense will only continue to rise.

Following these market trends, Clearwave has strategically positioned itself to help you prepare before you are loaded down with higher collection costs. Clearwave has done the research and is ready with the solution.

There are no surprises about the increase in healthcare costs and the rising number of high deductible health plans, so there is no reason to not prepare.