MedCity News December 25, 2023
Current billing practices do not adequately meet the needs of consumers, providers or payers. While there is no magic wand, reinventing billing processes in the US will require measures that strengthen consumer protection, and continued policy change towards fairer drug pricing and increased price transparency of provider service costs.
With higher healthcare costs than anywhere else in the world ($12,318 per person in 2021), it’s no surprise that medical expenses are the leading cause of bankruptcy in the US; accounting for 66.5% of all bankruptcies. In 2019, 65M Americans avoided treatment of a healthcare issue due to costs, and $90B was borrowed to pay for healthcare. This year, a national survey showed that 45% of participants believed they would never...
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