For many patients, the New Year means it’s time for their health insurance deductible to reset. As a result, it can lead to confusion, as well as anxiety about healthcare expenses. While patients may have enjoyed a nominal copayment through much of the previous calendar year, now they may be responsible for hundreds or thousands of dollars until they once again meet the deductible threshold associated with their health insurance plan.
Fortunately, providers can take proactive steps to help patients during this transition. While sending automatic notifications to patients regarding their outstanding balances, payment due dates, and payment options available are helpful, many patients need more support and financial guidance once the deductible resets. Taking a hands-on approach not only builds patient loyalty and satisfaction; it also streamlines patient collections and improves revenue capture. Consider the following:
1. Remind patients about the health insurance deductible reset.
2. Provide wraparound patient support during the health insurance deductible reset.
3. Follow up on remaining balance with empathy and compassion.
During the months of January and February in particular—remind patients that their financial responsibility may increase with the health insurance deductible reset. To provide these important reminders, providers can leverage the patient portal or include signs in the waiting area. They can also routinely require patient call center agents to remind patients of the deductible reset when patients call with questions about healthcare costs or confusion about medical bills. Providers can also do this when they register patients and verify insurance eligibility. The idea is to build momentum during every touchpoint and make patients aware of what’s coming so they can plan financially.
With the deductible reset often comes an increase in patient calls to discuss insurance benefits and inquire about flexible payment plans. This is especially true for patients with high deductible health plans who may struggle to pay their entire deductible at once. Providing patients with financial counseling and compassionate billing support when they need it most (including after hours and even on U.S. holidays) can go a long way in terms of fostering trust and improving self-pay patient collections.
To improve patient collections during the deductible reset, patient call center specialists can help patients understand what they owe and why; however, to settle balances promptly, they must do it in a way that expresses empathy and conveys a sense of collaborative problem-solving. This often requires training in empathic billing communication and ensuring call center agents are well-informed of the variety of payment options available to patients.
While a calendar year deductible beginning on January 1 is most common, some plans use a plan year deductible that resets on the anniversary date of the policy, meaning it resets exactly one year from the date on which the insurance coverage began. It’s important for providers to keep this in mind and tailor patient collection messages accordingly to patients for whom this applies.
As providers continue navigate the annual health insurance deductible reset, developing an empathic billing and patient collections strategy is paramount. Maintaining open lines of communication with patients and offering supportive resources ultimately enhances patient satisfaction, helps providers avoid expensive collection agencies, and improves financial sustainability. Learn how Global Healthcare Resource can help.
Our revenue cycle and patient call center professionals operate as an extension of your team, Here’s how it works:
Step 1: Schedule a meeting to discuss your scope of work and current challenges.
Step 2: Global assembles, trains, and manages a team of highly skilled professionals to work on your project only.
Step 3: In an average of 30 days, your team is fully ramped up and operating at your designated benchmarks and KPIs.
