Medical practices could face new challenges and favorable opportunities
The Affordable Care Act has sparked a significant influx on new patients into the Medicaid program of some states. The law has given states the opportunity to expand their Medicaid programs in order to make insurance coverage more available to a wider range of consumers. The law has also allowed for the creation of insurance policies with high deductibles, which are sold through state insurance exchanges. For some state’s the health care reform law may be creating major revenue opportunities.
Report highlights the financial prospects of an influx of new patients
Financial services and software firm aethenahealth has released a new report concerning the impact an influx of new patients could have in terms of revenue. The firm suggests that “new patients” are a trend that medical practices should keep track of due to the trend’s financial prospects. More people are gaining access to health insurance coverage and this means that they are beginning to seek out medical care. In many cases, these new patients have not had any kind of insurance coverage in the past due to pre-existing medical conditions.
High-deductible insurance policies could create a financial burden for health care professionals
While health care practices could take advantage of new revenue opportunities emerging in the U.S., they could also face greater collections burdens due to the massive surge of new patients. This would be most prevalent among consumers with high-deductible health insurance policies. Because these policies have high deductibles, some patients may not be able to handle the upfront costs of their medical care. Given that many people do not understand what role deductibles play in their insurance policies, some medical care providers could face major challenges in terms of getting paid.
Many people are still confused about how the Affordable Care Act affects them
The Affordable Care Act has created new opportunities but has also created new risks and challenges that will not be easy to mitigate or overcome. The health care reform law has introduced many new regulations to the insurance industry that have been difficult to adapt to, and many people are still confused about how the law affects them and their particular needs.