Patient deductibles are growing, collecting has become a bigger challenge, medical practices are impacted, while hospitals struggle to keep track and ask for clearer reporting
Great River, NY – April 24, 2019 – Research predicts that by 2020, 95% of patients will fail to pay off their full medical balance. And, that’s got Michael N. Brown, CEO of Fellow Health Partners, concerned.
“Recently, as part of our due diligence for clients, we did a deep dive into trending statistics about medical billing and discovered some worrisome and, at the same time, some positive trends”, he said.
He continued, “Our deep dive helps us flag trouble in time to do something proactive about it, while confirming what will help medical practices and hospitals the most.
Physicians, surgery centers, and hospitals are under a lot more pressure today as insurance companies raise deductibles which more and more patients have trouble paying off.
Trending statistics show that in just five years there was an 88% increase in hospital revenue attributed to patient responsibility. And today, 83% of smaller physician practices (under 5 practitioners) said that slow patient payment on high-deductible plans is their top collection challenge.”
Ali Raza, Senior Systems Architect at Fellow Health Partners, added, “There is good news in the numbers, too. This change has focused the profession on managing better by using data, which can lead to top line revenue growth. That’s why over half of all hospital CFOs want access to easier report creation, better dashboards and visuals, and enhanced ability to drill into reports to understand underlying details, especially since most of them struggle to pull data from multiple resources.”
In the final analysis, these statistics encourage Mr. Brown who explains, “The good news is that medical practices and facilities can do something about these worrying trends by improving technology and training. That’s why, at Fellow Health Partners, we continue to invest heavily in both, so that we can serve our clients better.
The technology helps us provide the kind of timely billing detail that the profession wants, while our training produces better, more consistent outcomes and customer service which is extremely important when speaking with patients who have billing questions. This technology and training provide our clients more control, more clarity, faster, and more reliably. During this time of rapid change, we’re happy that we can help.”
ABOUT FELLOW HEALTH PARTNERS
Fellow Health Partners Inc. is a medical business solutions company that helps healthcare professionals and institutions to improve their bottom line by applying innovative methods of streamlining the medical billing process. Supported by an active advisory board of leading doctors, Fellow Health Partners acts as an extension to any medical practice or facility by providing billing expertise, office and workflow solutions, customer service assistance, and administrative support.