Becker's Healthcare February 29, 2024
The rate of patient collections fell from 54.8% in 2021 to 47.8% in 2022 and 2023, according to an analysis from Kodiak Solutions.
The analysis used patient financial transactions from over 1,850 hospitals and 350,000 physicians nationwide.
Here are seven notes:
- Patient financial responsibility accounted for roughly $1.1 billion of over $5 billion in total payments received.
- Providers collected about $500.5 million for services rendered in 2022 and 2023, which was less than half owed.
- There was a clear line between what patients were likely to pay and avoid paying: Patients were likely to pay outstanding medical bills of $500 or less and less likely to pay bills over $500.
- Patient collection rates decreased, but the claim dollar...
Today's Sponsors
Today's Sponsor