The Federal Government passed the Hospital Price Transparency and Disclosure Act in 2013 mandating that all 50 states put laws and regulations in place that made it easy for consumers to get accurate up to date information on healthcare pricing, so they would have a relatively accurate assessment of what their out of pocket expenses might be when they required healthcare involving hospital procedures or stays. The law mandated that these programs be in place and clearly available by 2015.
How do you expect to get paid if you never discuss Patient Financial Responsibility? Providers report a significant rise in uncollected self-pay revenue in 2017 and the first two quarters of 2018, however, only 23 percent said they always discuss patient Financial responsibility when the patient is initially seen.
Insurance deductibles are on the rise with the average family deductible around $8,200. This increase is affecting the physician’s ability to keep a continuity of care and affects the bottom line. More and more physicians are keeping an eye on this issue, however, should certain medical specialties or locations be particularly watchful?