As Healthcare deductibles rise, more and more patients cannot pay their medical bills. A recent study from TransUnion Healthcare revealed that almost 70 percent of patients did not pay their bills in full:
- 63 percent of hospital bills were $500 or less; of those hospital bills, 68 percent were not paid in full in 2016;
- 14 percent of hospital bills were $3,000 or more; of those hospital bills, 99 percent were not paid in full in 2016;
- 10 percent of hospital bills were $500 to $1,000; of those bills 85 percent were not paid in full in 2016.
TransUnion principal of healthcare revenue cycle management Jonathan Wilk explained that the reasons why more and more Americans cannot afford healthcare is because of rising deductibles and an increase in patient responsibility:
“There are many reasons why more patients are struggling to make their healthcare payments in full, the most prominent of which are higher deductibles and the increase in patient responsibility from 10 percent to 30 percent over the last few years,” said Jonathan Wiik, principal for healthcare revenue cycle management at TransUnion, in a news release. “This shift in healthcare payments has been taking place for well over a decade, but we are seeing more pronounced changes in how hospital bills are paid during just the last few years
The shift in how patients pay their bills is evident of the rising strain that medical bills place on Americans’ finances.