| | December 202019UTLOOKHealthcare Tech What are the challenges faced by the current Medical Practice Management sector?One of the biggest challenges in the healthcare sector across medical management or hospital groups is the high deductible plan, which shifts more responsibility toward the patient before their insurance benefits kick in. This is causing a higher out-of-pocket payment for patients, and they take a longer time to make payments. We're starting to see denial from payers in all industries within healthcare; their requirements are much more stringent than they once were with reimbursement from commercial payers taking longer than it used to. What are the means to overcome these challenges?To help patients bear the weight that comes with high deductible plans, a medical management group or a hospital can offer multiple payment options for their patients. As a result, patient financing is a huge component within the industry, where the payment can be received upfront from the banks or lending companies. They then take over the job of billing the patient, while the hospitals remain a service provider. Relationships and communication established with the insurance provider can help in lessening the denial of payments. Both insurance companies and providers are running a business By Sheila Augustine, Director, Patient FinancialCXO INSIGHTSMedical Practice Management ­ Relation, Communication, and SolutionSheila AugustineA payment arrangement we proposed that enabled patients to pay the bills in six easy installments has been received well
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