Nearly three in five Americans (56%) delay paying their medical bills. Late payments, along with self-pay revenues that are never collected, add to the financial stress healthcare organizations experience as they attempt to optimize reimbursements and increase revenue while adapting to new value-based payment models.
Americans feel healthcare costs are too expensive, with 79% of consumers expressing affordability as the biggest obstacle. With this in mind, the top three reasons patients delay paying medical bills include unexpected high deductibles (42%), confusion regarding what their insurance will cover versus what the patient owes (30%) and patients receiving bills for services they do not think they are responsible to pay (30%).
This report from West’s Engagement Center Solutions gives an in-depth analysis patient payment and proposes ways to increase patient engagement to reduce payment cycles.