Patient obligations are rising and, according to this study, high medical debts are more difficult to collect than low ones.
With climbing insurance deductibles and the number of uninsured or underinsured people increasing, patient debts are bound to follow. To keep up, healthcare providers need better strategies for collecting unpaid balances.
Medical loan financing programs help people get the care they need while providers are paid in full for their services.
Want to know more about high balance collection and how medical loans can help? Keep reading.
High Patient Debts are Harder to Collect
Uninsured or underinsured individuals’ debts account for 18% of healthcare provider revenue. Obligations over $200 may only comprise a quarter of unpaid medical bills, yet these high balance claims make up almost half of what goes uncollected after 5 months.
This is dangerous for provider revenues since only 6% of people pay in full when their medical bill is over $200.
With high balance claims, providers have a larger amount to collect and have to deal with the debt for longer. These bills impact provider revenue and collection efforts take up time that could be spent caring for patients.
If you’re a healthcare provider looking to create a better strategy for collecting unpaid medical bills, consider taking advantage of medical loan financing.
How Medical Loan Financing Can Help
Patients are approved without a credit check and make low monthly payments on what they owe. This solution is perfect for individuals who have higher debts but can’t afford to settle in one lump sum.
Healthcare providers won’t have to worry about getting paid, either, since medical loan financing takes the burden of debt collection away from healthcare providers. By using our online platform that integrates with your current billing software, you can receive payment in full within two days and the patient begins to repay the bank or credit union over an extended period of time.