Discussing Costs With Patients Can Boost Revenue Cycle Management

According to a new survey by TransUnion, 75% of patients say that up front estimates of costs of treatment would improve their ability to pay for their care. Oppositely, patients who are surprised by their financial responsibilities, are more likely to pay their bills late or not pay them at all.

After surveying more than 700 consumers with health insurance, the poll found that more than half of patients never received any sort of estimate of out-of-pocket costs and that 59% were surprised to see how much they owed when they received their adjusted bill. Of those patients who paid their bills late or not at all, 75% said that they had no idea their bill would be so high.

Experts believe that informing patients of their financial responsibilities, especially in light of any confusion brought upon by the implementation of the ACA, can benefit both patients and providers. Thus, it is imperative that providers accurately verify patients’ eligibility and benefits on the front-end to prevent billing errors and claim denials on the back-end. Moreover, providers should make it a priority to institute a medical necessity review process to ensure that their services will be covered by payers.

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One thought on “Discussing Costs With Patients Can Boost Revenue Cycle Management

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