Why People with Insurance Still Skip or Delay Care

on Feb 6, 2018 8:32:22 AM By | Jessica Toney | 0 Comments | News
The Story Simply having insurance does not solve the challenge related to medical bills that many Americans face. It is unlikely that this statement is shocking or even surprising to most. What could be construed as shocking, however, is how far reaching the problem is and the drastic measures people go to in order to pay for medical care.
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The Case for Patient Account Financing in Three Charts

on Jan 30, 2018 9:50:04 AM By | Jessica Toney | 0 Comments | News
This McKinsey study did a fantastic job of explaining what we have seen in the patient account financing industry for the last five years.
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52% of all debt on credit reports is from medical expenses

on Jan 23, 2018 4:20:26 PM By | Jessica Toney | 0 Comments | News
Half of all debt on consumer credit reports is due to medical debt. Medical debt, more often than not, comes from an unexpected event or illness. Let's walk through an extreme, but not unlikely, example. One day a person has a decent job, health insurance, and a savings account. They make all their credit payments on time and have a decent credit rating. The next day, this person is in a severe car accident. The person is transported to the emergency room via ambulance. The person's condition is evaluated and determined that surgery is necessary. Surgery goes well, but the person has a long path to recovery. They stay in the hospital for a while and then the doctor determines they are well enough to continue recovery from home. All necessary medical equipment is sent to their home. After a period of time, the person is well enough to start physical therapy. Physical therapy sessions are more frequent in the beginning, but the doctor recommends they continue the therapy for several months.
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Epic River Patient Lending Answers athenahealth's Call

on Jan 18, 2018 10:13:34 AM By | Jessica Toney | 0 Comments | News
athenahealth’s More Disruption Please (MDP) Network has the stated goal of “disrupting the status quo in healthcare” through partnerships in their Marketplace.  athenahealth’s MDP process ensures seamless integration and implementation with each customer.
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Self Pay Now the Third Largest Payer

on Jan 16, 2018 9:56:37 AM By | Jessica Toney | 0 Comments | News
Consumers spent $824 billion for healthcare services in 2014, and out-of-pocket expenses are projected to rise more than $400 billion by 2016. According to the National Association of Healthcare Access Management (NAHAM), self pay has become the third largest payer to medical providers, only behind Medicare and Medicaid. On average, it costs the medical provider twice as much to collect from the patient. Medical providers are implementing drastic changes to account for the shift in payers and attempting to improve their collecting of patient responsibility; however, NAHAM states that 55% of patient responsibility is never collected.
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Using Patient Account Financing to Improve Hospital Bond Ratings

on Jan 9, 2018 9:33:23 AM By | Jessica Toney | 0 Comments | News
Every month Becker's Hospital Review publishes their list of hospitals that have received credit downgrades. The list can be excruciating to look at because of the mighty repercussions that come from a downgrade. This is especially true if the hospital was about to launch a new construction project or look to expand through acquisition. Even a slight downgrade can deliver a mighty blow to a hospital's ability to obtain and/or service debt.
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Have Americans Set Aside $10,000 to Spend on Healthcare?

on Jan 2, 2018 9:37:53 AM By | Jessica Toney | 0 Comments | News
The Centers for Medicare & Medicaid Services (CMS) published a report outlining the projected national health expenditures through 2025. “From 2015 to 2025, health spending is expected to grow an average of 5.8 percent a year — 1.3 percentage points faster than the economy, measured by the gross domestic product,” according to Robert Pear in a NY Times article. The Obama Administration said, “National health spending will average more than $10,000 a person this year for the first time.”
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Building Credit for the Credit Invisible

on Dec 26, 2017 9:36:25 AM By | Jessica Toney | 0 Comments | News
The Consumer Financial Protection Bureau (CFPB) continues to encourage financial institutions to help those with limited or no credit histories. This group, referred to as credit invisible, represents one in every ten adults in the United States. These individuals have not had the opportunity or ability to build enough credit to generate a score with any of the nationwide credit reporting companies. In a CFPB article, the bureau recommends ways for individuals to begin building their credit in order to gain access to the numerous opportunities in life that have a credit requirement for participation.
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Will Transparency Unveil a Gap in your Payment Options?

on Dec 19, 2017 3:59:55 PM By | Jessica Toney | 0 Comments | News
Investigations into hospital debt collection practices continue to be a growing concern. With the increase in patient responsibility, more and more consumers are struggling to pay their medical bills. These unpaid bills are then reported to credit agencies, which results in angry consumers that seek legal counsel. A Missouri hospital was recently investigated over concern that the debt collection practices were too aggressive and sufficient information about financial assistance was not provided to the patient. An HFMA article stated that only 42% of hospitals notified patients of financial assistance policies prior to attempting to collect unpaid medical bills. The Missouri hospital investigation concluded with a range of policy changes implemented, including a direct notification of financial assistance 180 days prior to sending bills to collections.
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Your Community Needs You

on Dec 12, 2017 1:13:32 PM By | Jessica Toney | 0 Comments | News
I had a conversation with a local medical provider this morning and after we talked I was more sure than ever that if you're a community bank or a regional bank, the community or communities you serve need your help.  Please.
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