Make Collections Easy: Best Practices for Payment Plans
By InstaMed, a JP Morgan Company
As payment responsibility increases for medical bills, healthcare providers are left to collect more often from their patients and for higher amounts. Patients are struggling to manage their healthcare payments. Fifty-six percent of consumers would not be able to pay a $1,000+ medical bill (Consumer Healthcare Payments Survey 2018). Among those patients with medical expenses, 37 percent have unpaid debt from medical bills (JP Morgan Chase).
Payment plans can be effective for helping patients manage larger bills over time, and they can be implemented without bringing FICO into the equation.
InstaMed works with providers of all sizes to implement successful payment plans that work for every kind of patient. In our experience, providers that leverage proven business practices and automated functionality will improve the patient experience while guaranteeing payments from patients. In this guide, we’ll offer best practices for setting up payment plans and tools staff can use to effectively communicate with patients about their payment options.
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