Medical Economics September 22, 2022
By adopting digital tools that deliver more flexibility and transparency to patients, providers can increase the chances of receiving prompt patient payments
The nation’s medical billing system is “complicated and burdensome” for patients, leading to a flood of medical debt that often ends up in collections and creates a cascade of far-reaching consequences for patients.
That was one of the critical takeaways from a sobering recent report from the Consumer Financial Protection Bureau (CFPB) that details the scope of the United States’ problems with medical debt and medical billing. According to the CFPB report, 20% of U.S. households report that they have medical debt, which collectively accounts for $88 billion of outstanding debt on credit reports.
Overall, 58% of bills...