Are you ready for a new year of deductibles? For most insurances, every new year starts a new deductible period for the patient. What this means for your practice is that the front desk needs to be checking every patient’s eligibility and benefits prior to their visit to see how much to collect up front. As always, make sure the demographics on each patient is up to date, and then ask yourself:
1. Does the patient have an annual deductible? If so, how much should I collect?
2. Does the patient have a secondary insurance that will pay for any allowable charges the primary insurance doesn’t cover?
3. Have I reviewed the eligibility and benefits information to ensure that I verified coverage and understand what the patient needs to pay today?
Collecting money up front is SO important this time of the year! The more money you collect up front, the lower your risk of losing that revenue is. Keep in mind, if you miss two $50 copays twice a day, that’s $25,000 a year! So take your time to check each patient’s eligibility and benefits– it’s worth it!