Does anyone offer a discount for patients if they offer to pay their outstanding balance in full?
(These balances could include deductibles/coinsurance/etc.)
I have had several patients ask me because our local hospital will give a discount for payment in full. I would like to know what other practices do and do you have a written policy? I would like to get information together to present it to my doctors.
Most places have such a discount, however you need to be careful about discounts. Different states have different rules so check your local and state laws before coming up with anything. Generally as long as it's clear, gives a specific time frame for how long the patient will be eligible for the discount (e.g.,paid off in 5 business days, or on the date of service) and is applicable to ANY payment type that the office accepts. This means that it can't only apply to those paying themselves, but also for insurance, personal injury, workers comp, etc. Also, be careful about using the phrase "Time of service" in any policies, as that can be arbitrary. Use something like "prompt pay discount" instead. Also, NEVER go lower than the Medicare allowed amount. To see the OIG document on prompt pay discounts follow this link https://oig.hhs.gov/fraud/docs/advisoryopinions/2008/AdvOpn08-03A.pdf
When presenting the idea, point out that discounts that help avoid having to turn to a debt collector saves you money. You get paid quickly more often, in full, and don't have to try to do in house or third party collections to get what you are due.