The heartbreaking truth is that millions of individuals lack the financial means to pay for healthcare since, even for those with insurance, out-of-pocket costs are typically quite high. People regularly miss out on treatment that might avert later, more serious, and expensive health conditions as a result.
A recent study back this up and also reveals some shocking facts regarding those who struggle to pay for healthcare and what experts are (or should be) doing to assist them.
Tom Cox, president of Experian Health, remarked on the study “Managing Healthcare Costs: How Patients Use Payment Plans,” produced in collaboration with Experian Health, and stated that the problem is serious and that healthcare providers need to take more initiative.
Cox brought up the matter with physicians, stating that many aren’t doing enough to inform patients about their options and help them find ways to pay for the care they need. Cox understood that consumers may regularly face severe financial challenges as a result of healthcare.
First of all, providers are “in the early stages,” in Cox’s opinion, of even admitting a responsibility to provide pre-care cost estimates. That is to say, they haven’t in the past, and changing that will take time. The study also shows that 40% of patients who do receive cost estimates still think they won’t be able to afford the therapy, which is why so many people don’t receive it.
The younger generations will want a more digital experience, and if they do not receive it, they will switch, he said. They won’t display the same allegiance as the baby boomer generation did, most likely. Based on the simplicity of use and convenience, they will switch.
He also mentioned, “teachable moments” for physicians, which refer to having the appropriate information at hand to assist clients in making knowledgeable decisions and looking into healthcare finance possibilities.
Although he acknowledged that it was challenging to provide information on deductibles, insurance, and true total expenses of care, he insisted that it was necessary to do so while the patient was receiving care. You’ll struggle to get them back if you let them go.
