A study conducted by McKinsey revealed that due to the increasing costs of medical coverage, consumers are taking on more of the risk associated with health care, the traditional relationship between consumers, providers, and payors is changing.
Their analysis suggests that the vast majority (more than 74 percent) of insured consumers are both able and willing to pay their out-of-pocket medical expenses for annual liabilities of less than $1,000 a year.
However, the study revealed that the lack of financing options, inefficiencies in billing practices, and consumer confusion are all major drivers of non-payment of medical bills.
“37% of patients stated lack of financing options as
the main reason for nonpayment.”
What does this mean for your practice?
Because patients pay their balances slower than third-party insurers, you need to find ways to help them resolve medical bills by offering more, flexible financing options.
Talk to Provider Web today and see how our financial tools can help.