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 email@example.com to learn more.