Healthcare costs are increasing, insurance benefits are decreasing, and medical debt is on the rise for American families. The statistics are surprising and overwhelming, whether you are on the patient side or a professional healthcare provider. No matter which side you are on, you may need some help addressing the issue of medical debt.
Here are a few shocking medical debt stats you won’t believe:
- According to an article in The New York Times, Americans have borrowed approximately $88 billion over the last year to pay for health costs and medical care.
- The same article reports that one in four Americans has foregone medical care because of the cost, and almost half of Americans fear bankruptcy due to a medical emergency.
- Regardless of household income, the fear and anxiety of medical cost leading to debt is a real thing.
- Medical bills are the number one reason that people in the United States file for bankruptcy according to a recent study. What this means is that medication costs and medical bills are not only hurting the patients, but also the healthcare companies that are not getting paid.
- According to debt.org, the average American consumer spends over $10,000 a year on health care.
- When patients have a hard time paying bills, providers go longer without pay. This ends up creating more and more challenges for providers (paying their employees, keeping things running smoothly, etc.)
So what can you do if you are a medical provider with outstanding patient balances?
Because the medical industry is one that offers compassion along with a needed service, it is important to maintain good relations within the community. One way to do this while collecting money owed to you is to partner with a healthcare debt collection service. By working with a collection service that specializes in medical debt, you are putting this difficult task into the hands of compassionate experts.
Rocket Receivables offers a two-stage process of collections consisting of:
- Early stage collections from one to 120-days past due with cost certainty
- Later stage contingency collections to capture revenue from the more difficult accounts past the 120-day mark.
When you can let a professional handle the delicate and challenging nature of medical debt collection, you can trust that they will follow best practices in order to get your money and maintain goodwill with your patients. With a healthcare collection expertise and affordable pricing for any size practice, Rocket Receivables can be your partner in the debt collection process.
Please contact us at Rocket Receivables to learn more about what we can offer your business. You can also buy now and get started with recovering your debt and improving your practice.