PHILADELPHIA, February 28, 2023 /PRNewswire/ -- Inc. magazine revealed that FinPay, a recognized leader in patient engagement and financial management, is ranked No. 68 on its third annual Inc. 5000 Regionals: Northeast list, the most prestigious ranking of the fastest-growing private companies based in Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. Born of the annual Inc. 5000 franchise, this regional list represents a unique look at the most successful companies within the Northeast region economy’s most dynamic segment– its independent small businesses.

Medical debt is a growing issue that affects individuals and families across the nation. Many people struggle to pay their medical bills due to rising costs, coverage gaps, and unexpected expenses. As a result, they end up with massive amounts of medical debt that can be difficult or even impossible to pay off. Fortunately, there are several steps to avoid medical debt you and your family can implement.

The American healthcare system is a complicated system of interlocking participants that often creates a confusing picture for the average patient. For patients, their healthcare experience is determined by an opaque network of providers—including hospitals, treatment centers, and doctors' offices—and the always inscrutable insurance companies that determine coverage.

Is it any wonder that financial concerns, especially surprise medical costs, are one of the biggest reasons people forego necessary medical services or discontinue ongoing treatment? The fear of medical debt is an obstacle to the patient-provider relationship as it erodes trust. A patient that has unexpected costs is less likely to address their financial patient responsibility since they feel ambushed, and a provider that discontinues services to a patient for unpaid bills is not helping that patient heal. 

Consider the following: 

• In 2017, the U.S. spent an estimated $3.5 trillion on healthcare, equal to 17% of the GDP
• The average annual cost of health insurance premiums in 2020 was over $20,000 for a family plan
• Out-of-pocket costs for hospitalizations increased by 72% from 2005-2015 
• More than 1 in 10 adults are unable to pay medical bills at some point during the year 
• Over 60 million Americans had past-due medical debt reported on their credit reports as of 2019

The behavioral healthcare industry is no different. FinPay offers patients automated payment solutions. This helps alleviate financial uncertainty and allows providers to collect revenue more efficiently while restoring the trust between patient and provider. Contact FinPay today at info@finpay.com to learn more.

For many Americans, navigating the healthcare system can be daunting. The actual costs, perceived costs, or unexpected costs of the U.S. healthcare system create uncertainty when it comes to patient financial management (PFM).

FinPay offers automated payment solutions for patients and revenue management tools for providers. When you learn about FinPay, the benefits to patients and providers become clear—the frustrating and opaque American healthcare system becomes less threatening. Contact FinPay at info@finpay.com to learn more.

The behavioral health industry is complex and highly competitive for providers regardless of specific focus. Whether your firm is dedicated to mental health, substance use, or an adjacent area of treatment, patient retention rates and patient satisfaction are vital to the continued health of your business.

Have you ever delayed medical treatment due to financial or other reasons? If so, you’re not alone. According to a survey by the Kaiser Family Foundation, nearly one in three Americans have avoided medical treatment due to cost. It’s important to understand that delaying needed medical care impacts not only the patient but also creates problems for their families and for employers.

For many people in America, the U.S. healthcare system is frustrating, overly complex, opaque, and expensive. The intersection of patients, healthcare providers, insurance providers, drug companies, and governmental regulations is not well managed or streamlined and most often manifests in medical debt for patients and inefficient revenue collection for healthcare providers.

Each year, millions of Americans find themselves in a precarious financial situation due to medical debt. From rising healthcare costs to limited insurance coverage, it can be difficult for patients to stay afloat when faced with mounting medical bills. However, the implications of medical debt impact not only the financial health of Americans but their physical and mental health as well. The entire U.S. healthcare system is adversely affected by the rising medical debt of Americans, and it is imperative to know what you can do to avoid or manage this type of debt.

FinPay offers payment solutions to help ease the uncertainty and stress of medical bills. Contact info@finpay.com to learn more about how our automated pre-care engagement can help you and your family avoid the negative consequences of medical debt.

For many Americans, the cost of healthcare can be paralyzing. Unknown costs, unexpected charges, and the general complexity and ambiguity surrounding healthcare insurance coverage and billing can place families in bankruptcy or cause them to forego needed treatment out of fear of financial ruin. Knowing what to do if you can't pay medical bills is essential for patients. There are options available, but you want to research them and understand them before you need them.

For Americans with health insurance, usually offered through an employer, there is some financial security for medical costs. However, most people are never quite certain exactly what services are covered or how much the insurance company will pay, so economic uncertainty exists, even for those with insurance. The uncertainty is even greater for millions of Americans who are on Medicare, Medicaid, or uninsured.

FinPay offers automated payment solutions through pre-care engagement. A patient-focused system built on transparency and education makes the patient financial experience much less volatile. Contact FinPay at info@finpay.com.

FinPay offers payment solutions to maximize the payment financial experience. The healthcare experience for most Americans can be complicated and confusing, especially with regard to paying for treatment. Many people forego needed treatment due to uncertainty over the total cost, and unexpected medical charges place many others in strained financial situations. What to know about FinPay is that we provide automated patient engagement to deliver the cost transparency, education, and affordable payment options patients need to understand and afford their financial responsibility.

The benefits of automation through our integrated software solution can lead to better relationship outcomes for patients and providers as each gains a better understanding of the financial engagement experience. Contact info@finpay.com for more information.