How No-Deductible Plans Benefit Providers
9 Minutes
Team Curative
Jan 11, 2024
As a provider, we know that patient health and wellness is your top priority. While delivering exceptional care remains a cornerstone of the provider-patient relationship, it's crucial to address the often-overlooked payment process. Today, innovative approaches, such as streamlined, no-deductible, affordable health insurance initiatives give providers a unique opportunity to simplify their billing processes but also contribute significantly to the financial well-being of their patients.
It's no secret that Americans are struggling to pay for healthcare. A recent national survey found that 51% of Americans surveyed said they had put off medical treatment or preventive care in the past year due to cost. Also, many (42%) failed to take medications as prescribed because of financial concerns.
High deductibles are part of the healthcare affordability crisis — they burden patients and providers when patient concerns about the cost of care impair patient-provider decision-making and patient engagement. High deductibles also pose administrative and billing challenges for providers, detracting from time spent focusing on what matters most — providing quality patient care.
No-deductible health plans can let providers focus on what they do best — here’s how.
Streamline the Payment Process
The lack of affordable health insurance, exacerbated by high deductibles, coupled with the rising cost of living, contributes to medical bill problems. One study found that high deductibles were the leading cause of problems with paying medical bills.
The IRS defines a high-deductible health plan as one with a deductible of at least $1,350 for an individual or $2,700 for a family. Many deductibles are in the range of $5,000 to $6,000, so it's clear that health plan members pay high medical costs out-of-pocket before the insurance company picks up coverage.
High-deductible health plans may produce lower premiums and savings with the addition of a health savings account, but they significantly increase cost barriers for individuals to receive care and disincentivize members from utilizing their health insurance. According to data from the National Opinion Research Center at the University of Chicago, high-deductible health plans can force individuals to delay medical care and payment — meaning providers may wait months before receiving payment. Conversely, when patients have affordable health insurance with no deductibles, providers don’t have to bear the administrative burden of waiting for payment or chasing down payments through collections services.
With Curative, providers don’t have to worry about member copays because there are none! Co-pays are $0* for in-network providers within 120 days of plan activation. Providers can communicate directly with Curative for payments and can focus on providing excellent patient care instead of wasting precious time handling administrative troubles, such as collecting payment during the check-in process and rescheduling patients who choose to defer treatment due to lack of funds.
Better Quality Metrics
Preventive health care has the power to improve physical, mental, and financial health. Not only do individuals benefit from progressive, preventive health plans, but providers can also reap the rewards of improved patient satisfaction. The issue is that, for most Americans, cost is a barrier to accessing preventive healthcare. Many people put off receiving care to save money in the short term, or because they don’t have the funds or affordable health insurance. However, this can lead to much higher costs in the long run.
In addition to avoidance of regular check-ups and other preventive healthcare measures, the lack of affordable health insurance has also led to patients not keeping up with prescribed medications. One poll found that nearly one in four Americans taking prescription drugs found it difficult to afford their medicines. This was found to be even more common among those with health issues, low incomes, and those nearing Medicare age. This phenomenon only leads to worse health outcomes down the road.
Instead of waiting to seek care until a health emergency caused by a disease or condition pops up, a preventive approach to health care seeks to lessen the likelihood of that illness occurring in the first place. With affordable health insurance and no-deductible plans, patients are more likely to be engaged in their healthcare journey, seek preventive care, and adhere to their prescriptions without worrying about cost. With affordable health insurance, physical health doesn’t have to have an impact on financial health.
Patient Retention
Better health outcomes lead to happier patients. Patients who have affordable health insurance with no deductibles feel more confident in engaging in their healthcare — without the anxiety of payment hanging over their heads.
In addition to patient engagement, the billing and payment process heavily affects the overall patient experience. A negative payment experience can impact a patient’s overall impression of a provider or healthcare organization, even if the rest of their experience was positive. According to 2015 HCAHPS survey results, patient satisfaction ratings fall by an average of more than 30% from post-discharge through the billing process.
No-deductible plans empower patients to adhere to their treatment plan, access services more frequently, and avoid the headache of getting multiple bills in the mail, sometimes months after treatment. All of these factors lead to happier, more satisfied patients who want to visit their providers. Happy patients can mean higher patient retention, timely payments, and referrals to your office or organization.
About Curative, a Comprehensive Healthcare Insurance Partner
Curative created a plan that allows providers to focus on what really matters — their patients’ health. Our members enjoy the peace of mind they’re getting the care they need with a plan that focuses on affordability, engagement, and simplicity.
With the Curative health plan, members experience one competitive monthly premium, and with the completion of the Baseline Visit in the first 120 days, no copays, and no deductibles for in-network care and preferred prescriptions.
The Curative Difference
First Health® providers are now in-network for our members. This means they can form stronger relationships with patients who are empowered to use their benefits to achieve better health.
Provider Perks
Spend more time with patients and less time on paperwork.
No patient copays or deductibles mean less bill-chasing.
Receive payments quicker via claims processing with a US-based clearinghouse.
Enjoy dedicated support teams and training resources for front desk administrators.
Provide accurate cost estimates and prevent surprise bills
Become part of Curative’s goal to change the way health insurance works — with a plan that actually delivers healthcare.
*Every Curative member can qualify for the $0 out-of-pocket costs for in-network care and preferred prescriptions with the completion of a Baseline Visit in the first 120 days of the plan's effective date. See curative.com to learn more. Curative Insurance Company. *Learn more at https://curative.com/mental-health
*Patients experiencing a medical emergency or who have concerns about their medical situation should call 911 (or the local emergency number) immediately.
*NOT MEDICAL ADVICE: The information provided on the blog is not a substitute for the advice of a personal physician or other qualified health care professional and does not constitute a diagnosis or professional treatment recommendation. Always seek the advice of a physician or other qualified healthcare professional with any questions regarding medical symptoms or a medical condition. Never disregard professional medical advice or delay in seeking it because of something you have read on the Site. Curative hereby disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of the content, which is provided as is, and without warranties
*NOT LEGAL ADVICE: The information provided on this blog does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information.
*THIRD PARTY LINKS: This blog contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Curative and its affiliates do not recommend or endorse the contents of the third-party sites.
*VIEWS EXPRESSED: The views expressed at, or through, this blog are those of the individual authors writing in their individual capacities only – not those of Curative and its affiliates. All liability with respect to actions taken or not taken based on the contents of this site are hereby expressly disclaimed. The content on this blog is provided "as is;" no representations are made that the content is error-free.
References
Brenan, M. (2023, January 17). Record High in U.S. Put Off Medical Care Due to Cost in 2022. Gallup. https://news.gallup.com/poll/468053/record-high-put-off-medical-care-due-cost-2022.aspx.
Montero, A. et al. (2022, July 14). Americans’ Challenges with Health Care Costs. Kaiser Family Foundation. https://www.kff.org/health-costs/issue-brief/americans-challenges-with-health-care-costs/.
American Medical Association. (2021) Mitigating Negative Impacts of HighDeductible Health Plans. https://www.ama-assn.org/system/files/issue-brief-high-deductible-health-plans.pdf.
Collins, S. R. et al. (2019, November 19). Trends in Employer Health Care Coverage, 2008–2018: Higher Costs for Workers and Their Families. The Commonwealth Fund. https://www.commonwealthfund.org/publications/2019/nov/trends-employer-health-care-coverage-2008-2018.
Knowledge at Wharton Staff. (2019, June 17). With High-deductible Employer Health Plans, Who Wins? Knowledge at Wharton, Wharton School of the University of Pennsylvania. https://knowledge.wharton.upenn.edu/article/high-deductible-health-plans-pros-and-cons/.
Physician’s Advocacy Institute. (2019, November). PAI-NORC survey shows high deductible health plans are a barrier to needed care. https://www.physiciansadvocacyinstitute.org/Advocacy/Health-Plan-Advocacy/High-Deductible-Health-Plans.
Kaiser Family Foundation. (2019, February). Poll: Nearly 1 in 4 Americans Taking Prescription Drugs Say It’s Difficult to Afford Their Medicines, including Larger Shares Among Those with Health Issues, with Low Incomes and Nearing Medicare Age. https://www.kff.org/health-costs/press-release/poll-nearly-1-in-4-americans-taking-prescription-drugs-say-its-difficult-to-afford-medicines-including-larger-shares-with-low-incomes/.
Seib, C. (2018, January 18). Patient Experience Needs to Play a Bigger Role in Your Payment and Billing Process. The American Journal of Managed Care. https://www.ajmc.com/view/patient-experience-needs-to-play-a-bigger-role-in-your-payment-and-billing-process.
