A new report
by TransUnion Healthcare finds that patient responsibility for payment represents a growing share of health systems’ revenue. The average balance left after insurance payments for patients to pay has risen from 8% of the total bill in 2012 to 12.2% in 2017. Privately insured patients saw their average balance increase by 67% from $467 to $781. Medicare beneficiaries’ increased by 118%, from $144 to $314.
When consumers of health services can’t pay their share of medical bills, providers are on the hook which isn’t good for the relationship between provider and patient.
Built-in administrative costs in virtually every area of healthcare have driven the yearly healthcare cost increases. Some health systems are guaranteeing price estimates prior to receiving care, but those are largely exceptions to the rule as many providers don’t have the resources or infrastructure to collect that data to create a viable price for services.
Uncompensated care was $38.3 billion, according to the American Hospital Association
and Medicare beneficiaries bore more of the burden to pay their deductibles and co-insurance because of the increases the percentage patients are responsible for paying.
The TransUnion report recommended health service providers engage patients earlier about payment options, even before treatment, to gauge their ability to pay.
Through the UhX system, providers will guarantee the cost of care for specific treatments through the UhX smart contracts and see that the UhX member is covered by the community with the funds already designated for payment. As soon as the healthcare service has been validated by both the provider and the member, payment will be made instantaneously.
Learn more at www.UhX.io