Recent statistics make sobering reading when it comes to America’s burgeoning debt problem. Worryingly, a 2017 survey revealed that 4 out of 5 Americans owe money and household debt nationwide has increased to more than $12 trillion.
The most worrying reading of all is that more than a quarter of the population has no plan in place to pay off their debts. This is especially true when it comes to medical expenses, and the same survey showed that more than 35 percent of people had no effective strategy in mind for the repayment of sudden and unexpected medical expenses. Although more than 80 percent of Americans have a plan to cover their housing debts, only 64 percent have planned for the eventuality of requiring expensive medical treatment. This raises a lot of concerns among medical practices, with cash flow already proving to be an ongoing problem. With this in mind, it’s no wonder that so many healthcare organizations are asking, can an effective healthcare payment processing solution help to alleviate the burden?
Why Are Americans Finding It So Hard to Meet Their Medical Debts?
One of the primary reasons why so many people are struggling to pay their medical bills is the trend in recent times towards healthcare coverage that comes with higher deductibles, which can subsequently lead to a crippling amount of debt for patients within today’s healthcare system. It has recently been stated that even those who have health insurance coverage from their employers have had to increase their out-of-pocket spending by more than 50 percent in the last decade, and more than half of all people who have a medical insurance policy still face a deductible of a minimum of $1,000. When all of this is taken into consideration, it’s clear to see why healthcare providers are considering ways of facilitating new and innovative post-care payment options to make payment of medical debt much easier and convenient for patients, while also improving upon the healthcare providers overall revenue management system through the addition of new revenue streams.
Can an Effective Healthcare Payment Processing Solution Help?
Although it cannot actually reduce the amount that patients need to pay for their care, an effective healthcare payment processing solution can facilitate the payment process, from point-of-care to post-care, and make it simpler and more efficient for patients to pay the amounts that they owe. By streamlining the process for patients and by offering an online payment portal that enables payments to be made via the method of the patient’s choice and at a time that is most convenient for their schedule, patients can enjoy greater convenience and flexibility. With the ability to arrange a recurring payment plan for larger outstanding amounts, patients can also benefit from a long-term plan to settle their debts with greater automation. This means that they do not need to worry about remembering payment dates. Not only does this make life easier for patients, it also improves revenue for healthcare providers who receive payments on a regular basis for a consistency of cash flow from a new payment channel.
A 21st-Century Solution
BillingTree offers an innovative healthcare payment processing solution for the 21st century, making life easier for both patients and medical practices through its IVR systems, online payment portals, and mobile/text solutions, which offer access to the system 24 hours a day, seven days a week. Although this healthcare collections system cannot lower patient debts, it creates the possibility of more convenient options and the flexibility that patients demand when it comes to paying off their unexpected post-care medical bills.