PYMNTS.com March 10, 2023
As consumers struggle to pay for essentials, a long-used retail solution could help patients get much-needed care.
Even before inflation took hold of consumer’s wallets, leading some to skip essential bills, medical debt and default were a major concern, representing 57% of U.S. consumer credit report collections. This second-most common reason for personal bankruptcy has caused consumers earning less than $50,000 per year to engage less with healthcare providers due to associated costs. As well, high costs have caused 46% of patients to cancel their healthcare appointments in the year previous to being surveyed, among those who had done so for any reason other than their condition improving.
Clearly, these factors reveal a crisis in the making, if not already...
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