Helping your patients with the cost of care
By ION
Dealing with a cancer diagnosis is difficult enough, but then patients must figure out what their health insurance company will pay for, what their own out-of-pockets costs might be, and whether or not their insurer will pay for biomarker testing. And depending on the diagnosis, patients may have a significant loss of income or change in health insurance possibly leading to higher premiums, deductibles, and co-pays. The stress on patients and their families can be overwhelming.
The impact of financial stress on outcomes has been analyzed in a retrospective study of early-stage breast cancer – indicating an association between prescription co-payment amount and compliance with adjuvant hormonal therapy, potentially leading to decreased outcomes.1
With the ever-changing reimbursement models, especially ones based on value-based care, practices need to collect the out-of-pocket costs from their patients to ensure their continued services to their patients
How can a practice help their patients?
Financial counselors work with patients and their families to help them reduce stress or hardship related to the cost of treatment for a medical condition, such as cancer. The counselors help patients understand their out-of-pocket expenses and what their health insurance plans may cover.
The financial counselor in your practice will understand and verify a patient’s benefits while comparing them to the cost of care provided.A conversation with a patient and their family will help them to understand the importance of managing their own health to avoid unnecessary ED visits or hospitalizations – all which add to their overall cost of care.
In addition, financial counselors will use tools to search for patient assistance programs, helping with those out-of-pocket costs.
Creating a manageable plan helps both the patient and the practice – for patients to understand their financial responsibilities and the practice to get a better understanding of their revenue structure for that patient.
With solutions like Protocol Analyzer and partner Annexus Health the financial counselor has tools at their disposal to better help the patient. Speak to one of our Business Consulting team members to learn more how your practice would benefit from the services of a financial counselor, including what qualities to look for in a current staff member or new hire. Email John or Amie at practiceconsulting@amerisourcebergen.com.
