Deductible Season: A Practical Guide for Healthcare Practices

Deductible season is upon us again, and as time passes, healthcare practices must be well-prepared for the financial challenges it brings. This blog post will explore key considerations and practical tips to help you successfully navigate the deductible season.

Completing Chart Notes Before Year-End

As insurance plans often reset on January 1st, it’s essential to ensure that all chart notes are completed and sent to insurance companies before the end of the year. This proactive approach ensures steady payments at the beginning of the deductible season, helping practices manage their finances more effectively.

Financial Impact and Planning

Deductible season typically spans the first three to five months of the year, depending on various factors such as specialty and patient volume. Freezing hiring and avoiding unplanned large purchases can help practices navigate the financial strain during this period. Planning and budgeting for the deductible season throughout the year can provide a financial buffer, allowing for more flexibility.

Anticipating Price Increases

For practices reliant on specific supplies or drugs, it’s essential to be aware of any impending price increases. Engage with vendors and inquire about potential price hikes in the upcoming year. If prices are set to rise, consider purchasing larger volumes before the increase to save costs and mitigate the impact on the budget.

Patient Payment Strategies

Educate your front desk staff on the importance of collecting copays at every visit without exceptions. Implement a robust collection policy, emphasizing the need to collect payments on account balances during patient interactions. Training staff to handle financial conversations tactfully and offering payment plan options can enhance the overall patient payment experience.

Streamlining Collections Process

Evaluate and tighten your collections process and workflow. Ensure patients receive statements promptly, explore multiple payment options (electronic, phone, paper, text), and make settling their bills manageable. Periodically review and update your workflow to address any gaps and improve efficiency.

Upfront Payment Considerations

While collecting money upfront from patients before services are rendered may be a topic of discussion, It’s essential to strike a balance between financial responsibility and patient satisfaction.

As the year comes to a close, healthcare practices should take the time to evaluate their financial preparedness for the deductible season. By implementing proactive measures, such as completing chart notes, anticipating price increases, and optimizing patient payment strategies, practices can navigate the deductible season more easily. A thorough review of fee schedules, contracts, and financial reports will pave the way for a prosperous year. If you found this information helpful, please share it with your colleagues. Wishing you a wonderful end of the year, and here’s to a successful next year in healthcare!