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Epic River Blog

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Medical Loan Financing for Uninsured Patients with High Medical Costs

Posted by Haley Clark | Apr 13, 2019 4:45:58 PM

While the ACA initially expanded health coverage for the previously uninsured, the number of Americans without an insurance plan rose by 700,000 in 2017.

The majority of the uninsured are of low-income status. That means these individuals aren't just without an insurance plan, they also don't have the disposable income to pay for medical care.

Want to know which costs uninsured patients are exposed to and how medical loan financing can help? Keep reading.

  1. Out of Pocket Maximum

Patients with insurance qualify for an out-of-pocket maximum. Deductibles, coinsurance, and co-pay all count toward this maximum. Once self-pay requirements are met, insurance covers all medical expenses until the year ends.

For uninsured patients, though, every medical cost incurred is paid for out of pocket. This can be detrimental for people who need care but don't have the extra cash to afford it.

It also means you may not be paid for your services if the patient’s debt goes uncollected.

  1. Unlimited Checkbook

Insurance plans offer unlimited coverage over the patient’s lifetime. For those who meet their annual self-pay maximum, this means the insurance company will cover all medical care for the year without limit.

Uninsured patients don't have this luxury. When an accident happens or serious illness occurs, these individuals are exposed to staggering medical bills. And low-income patients definitely don't have unlimited checkbooks to cover them.

When uninsured patients can't pay, your margins have to foot the bill.

Medical Loan Financing for Uninsured Patients
Low income, uninsured patients are exposed to two high medical costs that contribute to your bottom line. These patients need a way to cover expensive procedures and surgeries so you get paid for services rendered.

That's where patient loans come in.

All patients qualify for medical lending regardless of creditworthiness. They can choose the payment plan that fits their unique budget. Meanwhile, you’re reimbursed upfront and in full for your hard work.

Is your hospital or practice searching for a better way to serve the uninsured? Learn about Epic River's patient financing program or contact us for more information about how we can help.

Topics: Medical Loan Financing

Written by Haley Clark

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