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Even the Most Well-Informed Patients Struggle to Pay

By | 2018-05-08T20:18:10+00:00 May 2nd, 2018|News|

Lately everyone is talking about strategies for improving upfront collections, providing estimates to patients sooner, clarifying patient expectations, and so forth. All of this is an effort to improve collection of patient responsibility. With the rise of high-deductible health plans (HDHPs), providers have been forced to adjust their collections processes in order to maintain financial health. According to a revenue [...]

4 Ways Your Medical Bill can Improve Your Credit Score

By | 2018-04-24T19:50:33+00:00 April 12th, 2018|News|

"Eat right." "Exercise daily." "Pay your credit card off every month." Just because something is common knowledge doesn't mean everyone follows it. Eating right and exercising takes time and dedication, but for some of your patients, paying off a credit card bill every month simply isn't possible because of math. This chart accurately depicts the [...]

Removing the Cloak of Credit Invisibility

By | 2018-03-20T21:16:06+00:00 March 20th, 2018|News|

Many financial institutions are looking for competitive differentiation in order to obtain new, creditworthy consumers. The problem is that most of these creditworthy consumers already do business with a financial institution. Trying to convince consumers to switch from their current banks or credit unions can be a daunting task. It might seem that the only [...]

Patient Responsibility Increased 11% in 2017

By | 2018-03-07T05:50:26+00:00 March 7th, 2018|News|

A new study by TransUnion revealed patient payment responsibility increased 11% in 2017. Of all patient out-of-pocket costs per visit 39% were over $500. When you combine this new information together with the findings from the Federal Reserve Economic Report - 35% of adults would be unable to make all of their other bill payments [...]

Preparing for Price and Quality Transparency in Healthcare

By | 2018-02-27T15:46:08+00:00 February 27th, 2018|News|

Florida joined what has become a swift national trend towards transparency in both healthcare price and quality. According to the National Conference of State Legislators, “In the past decade, health care price transparency or disclosure has emerged as a hot topic in state legislatures, as a strategy for containing health costs. States, the federal government [...]

Thank you, but I’ll pass on that important medical procedure.

By | 2018-02-20T17:28:15+00:00 February 20th, 2018|News|

We have all had some visibility to the effects of the high-deductible health plans (HDHP); however, I'm not sure how many people predicted the behavior that many medical providers are seeing from their patients. In an article published in The New York Times, the study described numerous interviews with patients that indicated they had to make [...]

Collections Hurt Patient Credit, Even After Payment

By | 2018-02-13T16:08:37+00:00 February 13th, 2018|News|

It's no secret that use of high deductible healthcare is on the rise, the amount of each deductible is on the rise and most patients are not prepared to pay their deductibles.  Insurance companies want the patient to have some skin in the game when it comes to their cost of care.  So much so [...]

Why People with Insurance Still Skip or Delay Care

By | 2018-02-06T15:32:22+00:00 February 6th, 2018|News|

The Story Simply having insurance does not solve the challenge related to medical bills that many Americans face. It is unlikely that this statement is shocking or even surprising to most. What could be construed as shocking, however, is how far reaching the problem is and the drastic measures people go to in order to [...]

The Case for Patient Account Financing in Three Charts

By | 2018-01-30T16:50:04+00:00 January 30th, 2018|News|

This McKinsey study did a fantastic job of explaining what we have seen in the patient account financing industry for the last five years. Most patients want to pay and are able to pay... ...but don't feel like there are any viable financing options... Patient Account Payment Challenges ...so they move their medical bills [...]

52% of all debt on credit reports is from medical expenses

By | 2018-01-23T23:20:26+00:00 January 23rd, 2018|News|

Half of all debt on consumer credit reports is due to medical debt. Medical debt, more often than not, comes from an unexpected event or illness. Let's walk through an extreme, but not unlikely, example. One day a person has a decent job, health insurance, and a savings account. They make all their credit payments on time and have [...]