How to Maximize the End of Year Rush and Fill Your Schedule
The holiday season is here with its hustle and bustle. However, in the private practice world, we also know that flex spending account and end of year benefit season is here too! Here are a few tips to help you maximize this important time of year for your practice by helping understand where your patients are at:
As with every new year, your insurance benefits will reset, so the winter is the perfect time to maximize your benefits and get the care you need. Remember that most healthcare facilities will limit care during the winter holidays so now is the time to schedule and plan for the appointments and benefits you’ll need to use.
If you’re waiting for the new year to start your health journey or take care of something you’ve been putting off, you may find yourself paying out of pocket. In addition, costly procedures can be spread out over December and January so that you don’t reach your annual maximum for non-essential healthcare benefits.
Dental coverage, vision coverage, medical management programs like pain management, diabetes management (consulting, dieticians, etc.), and weight management may fall under those non-essential healthcare benefits.
A flexible spending account or FSA (also known as flexible spending arrangement) is a special tax-free account that you can put money into to pay for certain out-of-pocket health care costs. You use your FSA by submitting a claim through your employer with proof of medical expenses and a statement from your insurance company that it isn’t covered. You’ll receive reimbursements for your costs.
Did you know that you are only limited to $2,650 per year, per employer? This can help you pay deductibles, copayments, prescription medications, and equipment such as crutches, bandages, diagnostic devices, and more. You must use that money within the plan year or that money is gone.
Encourage your patients to take advantage of these opportunities before they expire. Educate them on the process so that they can be informed customers. This builds trust and rapport between them and your practice, not only bringing more dollars to your 2018 bottom line, but to your longterm growth as well!