The importance of managing patient payment options for your practice has never been greater. 2018 health plans include deductibles as high as $6,000 – extending the standard “deductible season” well beyond the first few months of the year. Practices must provide patients with convenient, flexible payment options. Financial policies should be updated to include provisions for: on line / portal payments; stored credit cards and automated recurring payments; electronic monthly statements; and, pre-payment / down payment arrangements for services with known out of pocket responsibilities. According to Chris Seib of Instamed, “No matter how a patient pays, having the choice is key. This will increase patient satisfaction and payment collection.”
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