This article first appeared in the April BAI Executive Report. Gain more insights into the value of building banking relationships through lending and more in that issue, Executive Report: “Innovations in lending services”.
"It sounds simple enough. Medical patients should spend their energy on feeling better, free from the extra stress of wondering if they can afford treatment. And healthcare systems should be in the business of healing, not debt collection.
Instead, there’s been an increased financial burden on many households when it comes to medical and dental care. That’s true even for the insured because of rising premiums, deductibles and co-pays. Also driving up costs? Pricier prescriptions and a decline in the scope of treatments that medical policies have historically covered as wholesale medical costs climb and, as some argue, because insurers keep shareholders happy.
As a result, hospitals and physician practices find themselves chasing down mounting unpaid bills and accumulated interest, a pursuit that regulators want to curb, selectively at the state level and federally, under the watch of the Consumer Financial Protection Bureau.
But what if banks and credit unions had a larger role in narrowing this financing gap?"
Read more at - https://www.bai.org/banking-strategies/bank-loans-can-fill-medical-insurance-gaps-and-everyone-feels-better
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