By: Christopher Wolfington
Your Healthcare Bill, Finally Explained: Karl Ulrich talks with Chris Wolfington, founder of FinPay
Possibly the worst part of healthcare is the sheer incomprehensibility of the bill. Is it right? Is it wrong? With all those codes, and back and forth with the insurance company, who can tell?
As it turns out, people mostly just don’t pay healthcare bills. According to Chris Wolfington, founder of FinPay, “in 2016 there were $460 billion, with a b, in out of pocket expenses for consumers. Only 19% paid their bill.”
Chris explains why this happens: “People don’t pay things they don’t understand, people don’t pay things that aren’t simple, and people don’t pay things where they don’t have a variety of options on how to pay…. Health care doesn’t do any one of those things.”
Imagine sitting down with someone, before you get that knee operation, and understanding what you’re going to pay for it, and figuring out a payment plan. No confusion, no anxiety when an unexpectedly huge bill arrives. That sure sounds a whole lot better than getting an incomprehensible bill in the mail 30 days later.
Better for the patient—and better for the provider, too.