Since December of 2019, when the Chinese government reported the first cases of a novel coronavirus in the Hubei Province of China, COVID-19 has escalated into a global pandemic. While most people who contract this virus do not experience severe symptoms, and more than half of the infected population has already recovered, the virus still represents a serious public health concern. Moreover, as the world determines how best to prevent, contain, and manage the pandemic, there are separate political and socioeconomic consequences that must be considered.
Given our active interest in the intersections of health and socioeconomics, we’d like to examine the financial impact of the coronavirus on patients in the United States. We’ll walk through the latest updates, including those from President Trump’s March 12th address to the nation, and discuss the hurdles that US citizens may encounter as they work to prevent, test for, and treat COVID-19.
Ultimately, we argue that this unfortunate pandemic illuminates the importance of transparent pre-care patient engagement. When patients are aware of their treatment options they can avoid surprise medical billing for lifesaving care.
Coronavirus and surprise medical bills: It’s time for healthcare providers to communicate with patients about unexpected medical expenses
March 13, 2020 by
Christopher Wolfington
Tags:
Medical Articles,
Our Blog,
Payment,
Provider
Understanding the Difference Between Patient Financial Management and Revenue Cycle Management
December 31, 2019 by
Lauren Anderson (COO)
Tags:
Our Blog,
Patient Financial Management,
Patients,
Payment,
Provider,
Collection
Every healthcare executive is familiar with the term revenue cycle management (RCM), but surprisingly few know what patient financial management (PFM) is. That is truly unfortunate because patient financial management is a system of revenue planning grounded in transparency and preparation that has been proven to convert nearly all unrecoverable patient financial responsibility. PFM companies like FinPay have demonstrated time and time again that their innovative pre-care patient engagement strategies work.
In the New Year Deductibles Reset, How Will You Prepare to Operate at a Loss?
December 30, 2019 by
Lauren Anderson (COO)
Tags:
Our Blog,
Patient Financial Management,
Article
It is almost 2020, which means a new cycle of patient delinquency for most health care organizations. As the calendar resets, so too do the health plans of most U.S. households, leaving them with an enormous financial responsibility—their annual health plan deductible. For many families, this deductible makes medical care financially unviable and forces them to delay or completely forego making payments to providers or seeking care at all.
Obstacles to Healthcare Innovation
July 30, 2019 by
John Ziegler
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider,
FinPay In The News
By John Ziegler (CFO)
The Healthcare Priorities of Millennials
April 30, 2019 by
Christopher Wolfington
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider,
FinPay In The News
As the influence and presence of millennials grows throughout society in the United States, so does the importance of the healthcare industry taking notice of their unique preferences.
The majority of millennials believe that the healthcare system is inherently flawed, and their consistent and agreed upon dissatisfaction with the healthcare industry has been a key concern for industry players looking to protect and ensure their long-term sustainability, as well as the future health of Americans.
How ‘Medicare For All’ Would Change The Healthcare Industry
April 30, 2019 by
Christopher Wolfington
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider,
FinPay In The News
By Christopher Wolfington
Healthcare’s Performance on Wall Street: Why Stocks Are Dropping
April 30, 2019 by
Christopher Wolfington
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider,
FinPay In The News
By Christopher Wolfington
Take Charge of Your Health Care Payment Accountability
April 17, 2019 by
Christopher Wolfington
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider,
FinPay In The News
By Christopher Wolfington
How Your Credit Score Affects Your Health Insurance Rates
April 11, 2019 by
John Ziegler
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider
By John Ziegler
How Hospitals Can Use Automation to Increase Productivity Without Compromising Care
April 4, 2019 by
John Ziegler
Tags:
Medical Articles,
News,
Our Blog,
Patients,
Provider,
Uncategorized,
FinPay In The News
By John Ziegler,