The growth of high-deductible health plans is eliciting mixed feelings among healthcare providers.
Consumers may be more inclined to seek out high-quality, high-value providers since they have to foot a larger portion of their medical costs. However, healthcare organizations are finding it more difficult to collect the full portion of the patient responsibility.
According to one study, 20 percent of working-age Americans with health insurance reported having problems paying medical bills over the course of a year; according to another, nearly 85 percent of patients with bills $500-$1,000 do not pay their hospital bills.
Figures like these are highly problematic for the majority of healthcare providers, who know all too well how consumerism is affecting revenue. With at least one study highlighting the surge in healthcare bankruptcies over the past year, providers need to find new, innovative solutions to reduce their bad debt and collection woes. [Read more…]