Medical Articles & News

How to Improve the Financial Experience for Addiction Patients

June 7, 2023 by Christopher Wolfington
Tags: Patient Financial Management, Provider, Medical Debt

Financial well-being can play a crucial role in addiction recovery. Managing one's finances is an integral part of the recovery process, as it provides a sense of stability and security that helps to prevent relapse. Money problems can arise during active addiction and can continue to be difficult for people in recovery. Not having enough money or not knowing how to manage it can make it harder to stay healthy and away from addiction. Many treatment providers have begun to recognize the importance of improving the financial experience for addiction patients. 

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3 Ways to Avoid Medical Debt

March 1, 2023 by Christopher Wolfington
Tags: Patient Financial Management, Patients, Medical Debt

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.

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What Are the Benefits of FinPay for Patients?

February 15, 2023 by Christopher Wolfington
Tags: Patients, Healthcare Consumer Experience, Medical Debt

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.

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How Medical Debt Can Impact Your Health

January 5, 2023 by Christopher Wolfington
Tags: Healthcare Consumer Experience, Medical Debt

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.

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What to Do If I Can't Pay My Medical Bills?

January 4, 2023 by Christopher Wolfington
Tags: Healthcare Consumer Experience, 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.

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Understanding the Medical Debt Crisis in the U.S.

November 30, 2022 by Christopher Wolfington
Tags: Payment, Healthcare Consumer Experience, Medical Debt

 

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