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March 18, 2016

Satisfied Patients Likely to Pay in Full, Credit Checks more in CarePayment’s News You Can Use

By CarePayment

Study: Satisfied Patients More Likely to Pay Medical Bills in FullSATISFIED PATIENTS PAY

Becker’s Hospital Review reports how medical bills are more likely to be paid in full if patients are satisfied with their healthcare experience. In fact, 73 percent of satisfied patients will pay their bill in full. Furthermore, of patients who rated billing processes a top score of five (on a scale of one to five), 82 percent would recommend the hospital and 95 percent would return to the hospital for a future service. In comparison to patients who rate billing processes with a three or below, 15 percent would recommend and 58 percent would return to the hospital.

Surprise Medical Bills are Stacking Up for Many Adults

According to PBS Newshour, one in three adults with private insurance will receive a surprise medical bill. These bills ask for payment on services originally believed to be covered by insurance. Not only do Americans need to research their in-network providers, but they also need to decipher if their doctor, radiologists, and others, are covered by their insurance. Often, hospitals contract with out-of-network specialists that can later blind side adults when they receive their bill. Ten states have placed regulations to address the surprise medical bill issue, price transparency has been enforced in California and Florida, but overall, the problem still plagues households.

Hospitals Increasingly Using Credit Checks to Understand Whether Patients Will Pay

As out-of-pocket medical expenses rise due to high deductible health plans, hospitals are looking to credit reports to determine patients’ ability to pay, according to Healthcare Finance News. These reports are to help hospitals distinguish which unpaid bills are worth pursuing. If the patient has a long history of unpaid bills, the hospital will write-off as charity care rather than pursue in collections. These credit checks are not designed to deny non-elective services.