Preventing Medical Debt From Disrupting Health and Financial Health
As the leading cause of bankruptcy in the U.S., medical debt impacts the financial lives of millions of vulnerable Americans each year. There are a number of immediate actions for healthcare stakeholders – including hospitals and health systems, insurers, and employers – to take to prevent medical debt and its devastating impacts. By working to prevent medical debt, organizations can support consumer health and well-being while also strengthening loyalty, trust, and community reputation.
~1 in 6 Americans (18%)
report medical debt in collections as of June 2020.
$140+ billion
in medical debt now burdens patients and their families across the country.
#1 most common past-due bill
that consumers are contacted about by debt collectors.
For Hospitals and Health Systems
Read about actionable strategies healthcare providers should take now to improve financial assistance and repayment programs, support informed patient decision-making, and proactively identify patients at risk for medical debt to target financial assistance.
For Insurers
Discover opportunities insurance providers should seize now to help members navigate plan selection, understand key terminology, reduce out-of-pocket expenses, utilize preventive care, and improve administrative processes that affect customers.
For Employers
Find out about proactive steps employers should take now to assess employee health insurance affordability, educate their workforce on insurance basics and out-of-pocket costs, help workers manage healthcare expenses, and offer plans based on employees’ needs and circumstances.
More to Explore
Firsthand Perspectives Exploring the Mental-Financial Health Connection
In this study, we examine the experiences of people managing both financial stress and mental health challenges, uncovering their needs and ways to help.
Understanding the Mental-Financial Health Connection
For the first time, we explore what's known about the deep relationship between financial and mental health challenges – and what’s left to uncover.
Medical Debt Is Hurting Your Employees – Here’s How To Help
As the debt crisis deepens, investing in the financial health of their workforces can yield big benefits for both employers and employees.
Written by
-
Michelle ProserSenior Director, Healthcare Solutions -
Manager, Healthcare Solutions
Preventing Medical Debt From Disrupting Health and Financial Health
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