With the continued rise in high deductible health plans, it’s no surprise that more than 21.8 million Americans were covered by Health Savings Accounts (HSAs) in 2017. Americans opting-in to HSA use has been growing dramatically since their introduction in 2004. And FSAs also remain popular for those without a high deductible plan.
For medical groups—this tax-exempt money set aside every month by employees and employers can have real (and positive) implications on collections. Sometimes you just have to ask.
Your billing staff should routinely ask patients if they have a health savings account (or medical savings account). Reminding patients about those already-dedicated healthcare dollars—and the easy-to-use credit card that comes with them—can immediately boost point-of-care payments.
And what about payment plans? Those bills can be paid with HSS/FSA funds too—and once you have collected the card-on-file, there is no intervention from staff or patient needed!
Make sure your office staff routinely asks patients if they have these tax-free accounts, as a simple step to helping increase your collections.