Exchange EDI’s goal is to help healthcare practices increase cash flow and revenue by facilitating convenient upfront patient responsibility payment, reducing patient bad debt and billing statement cost, and ensuring accurate payment from your payers.
With the explosion of high deductible insurance plans, payers have shifted the credit risk of patient bad debts and delayed payments to the practice.
Today, that risk represents 25% to 30% of most practices gross revenue. As costs steadily rise, providers can expect this trend to continue regardless of federal or state legislation. And the cost of collecting patient responsibility will increase.
Everybody knows that once a patient walks out the door without paying, the odds of collecting drops significantly and the time to collect is usually more than 90 days from the date of service. In a report by McKinsey, patient bad debt totals more than $60 billion and rising rapidly.