Inna Sheyn’s Post

Is medical debt preventing your patients from getting the care they need? 🔹 Unexpected bills can be a major contributor to healthcare debt. Most adults with health care debt say the bills that led to their debt were from a one-time or short-term medical expense, which are often unexpected. 🔹 Indeed, about half of adults – including three in ten of those who do not currently have health care debt – are vulnerable to falling into debt, saying they would be unable to pay a $500 unexpected medical bill without borrowing money. 🕸️ Click the link 👇 to see how our patient financing could help get more patients through your door. 🔗 https://hubs.la/Q02GDXgY0 . . . . . #HFA #PatientFinancing

As the authors of this article have found, medical debt is simply a symptom of a broader problem: the inability of many people to afford health care. There are many potential solutions, but it starts with agreeing that access is a right, not a privilege. #healthcare #jama #providers #payers #medicine #healthcarefinance

Medical debts are counterproductive - Here’s why! But first - here a glaring stat - A recent national survey found a staggering 45% of participants believed they'd never pay off their medical debt. This fear can lead to delaying or forgoing essential care, worsening health outcomes and driving up overall costs making it counterproductive. Here are some examples: Delays Preventive Care: Fear of debt discourages seeking necessary treatment, leading to more complex and expensive health problems down the road. Financial Strain: Medical debt traps people in a cycle of insecurity, hindering saving for retirement, education, or even a home. Decreased Productivity: The stress and time spent managing debt can negatively impact work performance. Limited Opportunities: Debt can make it difficult to qualify for loans, hindering career advancement and financial mobility. What can we do? Advocate for reform: Public policy changes aimed at reducing costs and increasing access to affordable healthcare are crucial. Consumer protections: Stronger regulations are needed to prevent predatory lending practices and ensure patients understand true healthcare costs. Financial empowerment: Programs that educate individuals on managing healthcare finances can alleviate some of the burden. Medical debt is a complex issue, but by working together, we can find solutions that make healthcare more affordable and accessible. Let's prioritize the well-being of all Americans! #MedicalDebt #PublicHealth

Medical debt is rising, and patients are feeling the pressure. According to KFF Health News, 100 million Americans are struggling with medical debt, even as hospitals grow larger. At BridgeMed, our interest-free, non-recourse patient financing helps hospitals reduce uncompensated care while easing the burden on patients. 🤝 Let’s partner to make healthcare more accessible. Read the article here: https://hubs.li/Q02TZB_c0 #PatientFinancing #HealthcareDebt #HospitalSystems #BridgeMed

Medical debts are counterproductive - Here’s why! But first - here a glaring stat - A recent national survey found a staggering 45% of participants believed they'd never pay off their medical debt. This fear can lead to delaying or forgoing essential care, worsening health outcomes and driving up overall costs making it counterproductive. Here are some examples: Delays Preventive Care: Fear of debt discourages seeking necessary treatment, leading to more complex and expensive health problems down the road. Financial Strain: Medical debt traps people in a cycle of insecurity, hindering saving for retirement, education, or even a home. Decreased Productivity: The stress and time spent managing debt can negatively impact work performance. Limited Opportunities: Debt can make it difficult to qualify for loans, hindering career advancement and financial mobility. What can we do? Advocate for reform: Public policy changes aimed at reducing costs and increasing access to affordable healthcare are crucial. Consumer protections: Stronger regulations are needed to prevent predatory lending practices and ensure patients understand true healthcare costs. Financial empowerment: Programs that educate individuals on managing healthcare finances can alleviate some of the burden. Medical debt is a complex issue, but by working together, we can find solutions that make healthcare more affordable and accessible. Let's prioritize the well-being of all Americans! #MedicalDebt #PublicHealth

How Affordability Financing Is Reshaping Access To Healthcare In India.

40% of Americans have medical debt. Yet, many relief programs don’t reach those who need them most. Despite bold efforts to tackle the medical debt crisis, relief often misses a large portion of those it’s designed to help. Here’s why: ✅ Income Limits: Relief is often restricted to those with very low incomes, leaving many working families out. ✅ Discounts on Sky-High Costs: Even a 50% discount doesn’t go far when a hospital bill hits $250,000. ✅ Debt Recurrence: Medical needs are unpredictable. Wiping out debt once doesn’t mean it won’t return. So, what's the solution? Well, fixing the root cause-the complex healthcare pricing system-is what will bring lasting change. And, technology can play a role in easing healthcare costs and increasing care revenue for patients and providers. What do you think? #HealthcareReform #MedicalDebt #HealthcareCosts #DebtRelief #FinancialWellness

“Here’s the dirty secret about the high health care costs that are causing so much medical debt: They are often not justified. The cost of care is being driven up by hidden markups, greedy middlemen, price gouging, shameless salaries, bloated administration, billing inefficiency and unnecessary treatment. I spent more than a year at ProPublica investigating these types of wasted health care spending, which are costing us between $760 and $935 billion a year, according to a 2019 JAMA study. We’re wasting about 25 percent of what we spend on health care, the study found. Meanwhile, the total medical debt burden to Americans came to an estimated $195 billion in 2019, according to a Kaiser Family Foundation analysis cited in the KHN report. In other words, if the health care system stopped wasting our money for a single year, we might be able to pay off the medical debt of every American four times over.” US Beacon finds “billing errors” in 99.9% of claims we review. It’s your duty as a fiduciary to ensure your plan is not paying the CEO’s bonuses. If your TPA does not want you to review large bills pre payment then that’s your first red flag—change TPA’s.

In a move that could be good for patients but bad for hospitals, the Consumer Financial Protection Bureau (CFPB) has proposed regulation that would wipe medical debt from many consumers’ credit reports. Learn more from Healthcare Brew, with insights from Dan DOrazio