Patient Financial Responsiblity
Medical Bills can be confusing regarding the amount a patient will need to pay out of pocket. The healthcare industry calls this amount of Patient Financial Responsibility. Patient Financial Responsibility charges include co-pays and any charges not covered by insurance.
Credit Card On File
At the time of service, we ask patients with insurance to pay their co-pay and provide a credit card on file. This card will only be used if there is an additional payment owed after we have billed your insurance. The credit card information is stored securely, and patients will receive advance notification via email if and when the card will be charged. The card on file will only be charged up to $150. If a patient's responsibility exceeds the $150, other arrangements can be made for the remaining balance.
Example 1:
Co-pay & No additional Patient Responsibility
Co-pay: (at time of service) $50
Charges: $175
Insurance Payment: $175
Additional Patient Responsibility: $0
To be charge to card on file: $0
Example 2:
Co-pay & additional Patient Responsibility less than $150
Co-pay: (at time of service) $50
Charges: $175
Insurance Payment: $150
Additional Patient Responsibility: $25
To be charge to card on file: $25
Example 3:
Co-pay & additional Patient Responsibility greater than $150
Co-Pay (at time of service) $50
Charges: $350
Insurance Payment: $150
Patient Responsibility: $200
To be charged to card on file: $150
Balance to be billed: $50
Cash Deposit
If a patient does not have a credit card, Sovereign will accept a $150 cash deposit. Within 90 days of receiving notification from your insurance company of the payment status of the claim, either a refund will be issued to the patient or a bill will be sent for any outstanding balance.
Example 1:
Co-pay & No additional Patient Responsibility
Co-pay: (at time of service) $50
Cash deposit: (at time of service) $150
Charges: $175
Insurance Payment: $175
Additional Patient Responsibility: $0
Amount to be refunded: $150
Example 2:
Co-pay & additional Patient Responsibility Less Than $150
Co-pay: (at time of service) $50
Cash deposit: (at time of service $150
Charges: $175
Insurance Payment: $150
Additional Patient Responsibility: $25
Amount to be refunded: $125
Example 3:
Co-pay & additional Patient Responsibility >$150
Co-Pay (at time of service) $50
Cash deposit: (at time of service) $150
Charges: $350
Insurance Payment: $150
Patient Responsibility: $200
Deposit applied: $150
Balance to be billed: $50