WHY DOES MTI COLLECT PARTIAL PAYMENT AT TIME OF SERVICE?
Most insurance plans have deductibles that reset every year on January 1st. It is our company’s policy to collect payment toward your deductible during each visit until it is fully met. The deductible amount is set by your insurance company and is based on the plan that you or your employer chooses.
WHAT IS MTI’S PAYMENT ROADMAP?
In order to provide you with the best possible experience at our clinics, we want to be clear about MTI’s Payment Roadmap, which includes a Point-Of-Service (POS) collections policy:
- We collect a down payment of $75 during each visit, which will go toward your visit balance and be applied directly to your plan’s deductible.
- Any additional amount determined by your plan will be billed to you after your insurance company has processed your visit.
- Once your deductible has been met, the down payment rate will change to between $5-50 depending on your plan’s co-insurance rate.
- Any overpayments will be refunded to you after you’ve completed treatment and all visits have been processed by your insurance company.
Please make our clinic Admins aware of any changes to your insurance plan and provide the new insurance card during your first visit of the new year, if it has been issued.
WHAT IS POINT-OF-SERVICE (POS) COLLECTIONS?
Point-of-Service (POS) Collections has become a very standard practice in the medical industry. If a provider has a POS Collections policy, the provider will ask for payment at the time a service is rendered. POS collections mean that all patients (from those who pay solely out-of-pocket, to those who either need to pay a deductible, coinsurance, or copay) will pay all or some portion of those costs prior to leaving the clinic.
WHAT ARE THE COMPONENTS OF HEALTH INSURANCE PLANS?
While every insurance plan varies, there are three important pieces of health insurance plans (other than monthly premiums) that are a part of the POS process:
- Deductibles – The amount of money you must pay out-of-pocket before your insurance pays anything. If you have a $2500 deductible, then that is the amount you will pay for benefits, and after it’s paid, your insurance will begin paying for services.
- Coinsurance – This is dependent upon your plan, and is the portion of the bill that your insurance requires you to pay. For example, if you have an 80/20 plan, your insurance will pay 80% of your bill, but you will pay the remaining 20% directly to your medical Provider.
- Copay – This is the amount required to be paid up front at time of service, regardless of deductibles. It’s usually between $15 and $50 depending on the plan.
HOW DOES POS COLLECTIONS AND MTI’S PAYMENT ROADMAP BENEFIT YOU?
As a valued patient, you matter to us and we’re always striving to create a meaningful and positive experience for you during every interaction you have with us, including our billing practices.
Our payment roadmap and our POS Collections policy is designed to benefit you in the following ways:
- Helps to alleviate the charges that you owe later by spreading out the amount paid over time.
- Keeps our cost of services down, while still providing you with the highest quality of care available because we are able to keep our office budget on a steady course and stay in compliance with our financial obligations with the insurance providers.
Thanks in advance for your cooperation with our payment roadmap, to avoid confusion, denials, and any interruption of care. To learn more, please refer to our Financial Policy or our FAQs.
CAN YOU GIVE ME SOME EXAMPLES OF HOW PAYMENTS WORK?
Below is a summary table that gives some examples of what MTI collects during your visit and what might be billed later based on MTI’s Payment Roadmap. Your actual payment amounts will depend on your insurance plan that you or your employer chooses.
| Component | Definition | What MTI Collects at Visit | What Might Be Billed Later | Example |
|---|---|---|---|---|
| Deductible | The amount of money you must pay out-of-pocket before your insurance pays anything. | We collect a down payment of $75 during each visit, which will go toward your visit balance and be applied directly to your plan’s deductible. | Any additional amount determined by your plan will be billed to you after your insurance company has processed your visit and the down payment has been applied toward the visit. | If you have a $2500 deductible, then that is the amount you will pay for benefits, and after it’s paid, your insurance will begin paying for services. You will pay a down payment of $75 each visit, which goes toward your visit balance. |
| Coinsurance | This is dependent upon your plan, and is the portion of the bill that your insurance requires you to pay AFTER your Deductible has been paid in full. | Most coinsurances range between 5-30%, so we collect a down payment of $5-50 toward each visit depending on your plan’s coinsurance percentage. | Any additional amount determined by your plan will be billed to you after your insurance company has processed your visit and the down payment has been applied toward the visit. | If your coinsurance is 20%, your insurance will pay the remaining 80% AFTER your deductible is met. You will owe the 20% remaining, which is about $25 each visit. |
| Copay | This is the amount required to be paid up front at time of service, regardless of deductibles. | Whatever your co-pay is. Copays can range between $15-$50 depending on the plan. | Most of the time, your insurance company will process the remaining visit cost. On rare occasions, some insurances may process some of the evaluation visit cost toward a patient deductible. | If you have a $40 Copay, you will pay $40 each visit. |