Improving Patient Cost Transparency in the Wake of the Biden Administration's Warning on Medical Credit Cards
The recent warning from the Biden administration regarding medical credit cards highlights the need for greater patient cost transparency and education in healthcare. By implementing best practices and using tools like Health iPASS, providers can offer patients clear and accurate cost estimates, convenient payment options like text and email-to-pay, and educational resources to help them make informed decisions about their care.
The need for greater transparency and affordability in healthcare is clear. According to a recent study by NORC at the University of Chicago, 57 percent of Americans are worried about being able to afford healthcare. Another survey by West Health and Gallup found that one in four Americans has skipped medical treatment due to the cost. As the Biden administration recently warned consumers to avoid medical credit cards, it’s more important than ever to prioritize patient cost transparency.
At Health iPASS, we are dedicated to providing patients with the tools and information they need to make informed decisions about their healthcare costs. One key strategy for improving patient cost transparency is to provide clear and detailed cost estimates prior to treatment. According to a survey by Healthcare Financial Management Association, 90 percent of patients want to know what they owe before receiving care, yet only 50 percent of providers offer this information.
By using a platform like Health iPASS, providers can automate the process of providing cost estimates and offer patients a streamlined and convenient way to view and pay their bills. Health iPASS also integrates with existing EHR and practice management systems, making it easy for providers to implement and use. In addition to providing cost estimates, providers can also offer patients educational resources to help them understand their insurance benefits and options. According to a survey by Policygenius, 60 percent of Americans don't know the details of their health insurance coverage, and another survey by TransUnion Healthcare found that 67 percent of patients are confused by medical bills. When patients are empowered through knowledge, providers can help them make informed decisions about their care, which lessens the chance of surprise bills. Health iPASS offers educational resources and guidance on how to navigate the insurance claims process, as well as flexible payment options to help patients manage their healthcare expenses.
As patients become more financially responsible for their healthcare, it is crucial that providers prioritize cost transparency and offer patients the support they need to navigate the complex world of healthcare payments. Health iPASS is committed to working with providers to improve the patient experience and reduce the financial burden of healthcare.
As the Founder and CEO of Health iPASS, I am passionate about improving the patient experience in healthcare. I come from a large extended family of physicians and am an investor in a group of urgent care clinics around the Chicago area, so I have seen firsthand the challenges that patients face when it comes to understanding and managing their healthcare costs.
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