Third Party Payers - Benefits and Disadvantages
Third party payers are a big part of a health care provider's budget. There are some benefits and disadvantages associated with third party payment. You should take the time to evaluate the advantages and disadvantages before making a final decision.
The first thing you should do is assess your organization's current capabilities. This will include the services you offer and the staff and facility you have. It's also a good idea to talk to other organizations that have experience with third party billing. They may be able to provide you with advice on negotiating applications.
Another thing to consider is the potential for a better experience for your patients. Studies have shown that a majority of people are not receiving basic health care services. By using a third party payment program, you can improve the quality of your services and make them more affordable.
Depending on your state, some state agencies are responsible for setting the standards for third party payments. These organizations interview carriers, consumer groups, and third party payment program administrators to find out what is the best practice.
One of the many benefits of a third party payment program is that it can help insurance risk pools. It can also provide services to people with limited income. Many programs are funded by local hospital systems.
However, a third party payment plan can add an extra layer of bureaucracy to your practice. You'll need to spend a lot of time on record keeping and managing the paperwork involved.