Research from the JPMorgan Chase Institute shows that about one in six families will make a minimum of one “extraordinary” payment related to healthcare in any given year of about $400. These extraordinary payments hovered just over $2,000 during the period of 2013 to 2015. Furthermore, families typically saw a five percent increase in cash balances and a four percent boost in take-home account income prior to making one of these extraordinary payments, suggesting that families may save in advance if they are anticipating a healthcare expense or they will wait to see a doctor until they have the cash to pay to see the doctor, such as when they receive their tax refund.
The potential correlation between tax refund healthcare payments made at the moment versus past care may indicate that people are choosing to defer payments until they have the cash available to pay for it. The findings could suggest that a few consumers would have been willing to see a doctor earlier had the cash been available. This delay in care may lead to a significant boost in the cost of long-term healthcare, while also affecting the healthcare revenue cycle. With patient financial responsibility accounting for nearly ninety percent of hospital revenue, it is vital to align patient financial responsibility collection strategies with patient needs and demands.
To read more, please visit https://revcycleintelligence.com/news/17-of-families-make-at-least-one-large-healthcare-payment-a-year.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical bill debt collection, please call 877-759-6315.