Medical financial management is a crucial aspect of the healthcare industry. As medical costs continue to rise, it is becoming increasingly important for both healthcare providers and patients to manage their finances effectively. But why is financial management important for patients and providers?

Do you dread the thought of receiving a medical bill in the mail after a visit to the doctor? You're not alone. Many Americans report feeling overwhelmed and anxious when facing unexpected medical expenses. For most people, a visit to the doctor is a necessary expense, but the financial burden shouldn't add to the stress of seeking medical care. 

Medical debt can be a heavy burden, and it is unfortunately very common in the United States. Many Americans report difficulties paying their medical bills. This can lead to financial stress and even bankruptcy. Learning how to handle medical debt when you're working on paying your bills or before a costly procedure can improve your financial security in the future. 

Trying to understand an invoice from your doctor or specialist can be frustrating because medical billing is notoriously complicated. Most invoices include a long list of services and fees that may not make sense to the average person. Learning how to read your medical bill and understanding the components of a medical invoice will help you avoid confusion and be better informed about your healthcare expenses.

When you need healthcare, you shouldn't have to worry about how you'll afford it or even how to understand your medical bill. Unfortunately, navigating medical costs can be so overwhelming that many people put off vital treatment. Don't put off healthcare when you need it; FinPay offers financial management solutions that can help you understand your bill, the healthcare cycle, and your options for managing your expenses.

Having a good experience with a medical provider goes beyond bedside manner and office cleanliness. Knowing what to expect on the bill and the available options for paying what is owed are significant factors as well. Clearing the obstacles to a positive patient financial experience is critical for retaining business and receiving better reviews. Plus, patients are more likely to refer an office where they had a good experience.

Determining what you're going to have to pay for treatment can be confusing and unclear. You might have trouble understanding what your insurance plan covers or what types of plans your doctor accepts. You're not alone. There are several common misconceptions about patient financial responsibility that you might also believe.

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.