By Christopher Wolfington CEO
Even though the majority of Americans have health insurance, unpaid medical bills are still the highest cause of bankruptcy in the United States. Millions of Americans are currently struggling to pay off their medical bills, yet deductibles and premiums are higher than ever, and 43% of consumers who are privately insured have a high-deductible health plan.
Total out-of-pocket health care expenses are predicted to surpass $459 billion by 2022, with no signs of slowing down.
This rising amount of debt is due partly to the fact that currently used popular payment methods are not tailored to the consumer. Hospitals have historically prioritized commercial payment relationships over consumer payment relationships due to their quicker payment responses. Insurance companies are much more likely to pay and pay much quicker.
As a result, most consumers are left in the dark when it comes to their payments, and do not have the necessary tools to complete an affordable, efficient payment process. However, as more consumers struggle to pay under this strategy, more and more hospitals are also starting to feel the weight of patient debt. In order to bridge the patient to payment gap, hospitals have begun encouraging and allowing more third parties, like FinPay, to offer alternative payment plans and manage their increasingly digital consumer payment processes to help increase payment volumes.
Here are some alternative, easy ways you can simplify and understand your health payment process and take the stress out of your payment process with third party help from FinPay:
Automated installment plans will help you make your payments on time, every time, at a much lower rate than one-time payments, and complete the payments for you so you don’t forget. This plan will also help you lower your insurance rates over time and prevent accumulating debt without lowering your credit score.
Consumer Medical Loans
Consumer medical loans can help you pay off larger expenses much quicker and reduce your overall financial burden, without needing to put up any collateral. More hospitals are also now offering interest free loan programs and allowing third parties to manage the entire collection relationship.
An expert payment specialist can help you understand your entire payment process and give you helpful advice on how best to simplify it and create an affordable payment plan that best works for you and your financial state. Consulting an expert will also help put your mind at ease and take out the guess work of navigating the complicated financial process.
In order to better manage the entire payment process, FinPay helps consumers find automated payment or consumer medical loan plans and consult with a trained and certified payment specialist that will lead to increased payments overall.
Additionally, consumers can access the Patient Financial Management Institute(PFMI) online, a valuable independent source for information and insight to help patients obtain a better financial experience.
Christopher Wolfington, Chairman and CEO of FinPay, LLC, is a business leader and entrepreneur with over 29 years of experience in consumer and financial services. Mr. Wolfington is currently living in Philadelphia, PA and continues to use his entrepreneurial talent to identify key opportunities and solutions in high growth markets.