Experts suggest screening patients for propensity to pay can help providers reduce the burden of bad debt. That’s because when you screen a patient’s medical payment history, you can identify risks and collect the bill while the patient is still in-house.
But what happens when propensity to pay analytics and in-house collections aren’t enough? What happens when a patient just can’t cover the cost for care?
Baby boomers and women pay higher prices for healthcare and these costs are often out-of-pocket. Since these two groups are more likely to contribute to your bad debt burden, helping them pay with health care loans can improve your margins.
Retiring Baby Boomers
The average retired couple accumulates $275,000 in out-of-pocket medical expenses every year. And only 50% of these couples actually have the means to cover the cost.
With thousands of baby boomers retiring every day, providers are presented with a massive opportunity to capitalize. Already, baby boomer spending is driving technology innovation in the industry.
Helping retirees pay for care over time can reduce bad debt amassed from older patients with higher out-of-pocket responsibilities.
Higher Costs for Women
Women spend around $2,000 more per year on healthcare than men. They are also more likely to skip out on a medical treatment or screening because they can’t afford it.
Since women spend more and live longer on average than men, they represent a huge portion of your revenue. This is especially true in regard to women of childbearing age, who spend 84% more on care than men.
Women represent a second opportunity for providers to capitalize off of. That is, as long as women have alternative ways to afford care.
Health Care Loans for Women and Retirees
Women and retiree spending can help improve your hospital margins. But to prevent profits from becoming bad debts, providers need a better way to collect when patients can’t pay.
Health care loans provide patients with the funds they need to cover the cost of care. And providers are reimbursed upfront and in full for their services.
Next time your patients can’t cover their medical expenses tell them about Epic River’s patient lending program. Contact us today to find out how to start using our program at your hospital.