Using Data-Driven Fintech Tools to Tackle the Healthcare Affordability Crisis

The following is a guest article by Chiranjib Gupta, Chief Risk Officer at PayZen. We are witnessing a healthcare affordability crisis in America. Reading the headlines, it doesn’t take long to encounter some horror story of medical costs running rampant: an uninsured woman saddled with bills in the tens of thousands for a complicated birth, a life-saving medication costing a patient hundreds of dollars per vial, the list goes on. The issues facing the healthcare system at large can seem insurmountable at times, which is why it’s important to focus on areas where we can make a difference in ways that make sense for everyday citizens. Working to solve healthcare affordability is that key first step. What Contributes to the Healthcare Affordability Crisis & What It Means for All of Us The past five to ten years have seen some changes in how patients and providers alike interact with the healthcare industry. And it all starts with the broad-based financial precarity of the American citizen. It’s often stated that more than 60% of Americans can’t afford a $1,000 emergency. This number is staggering, but its implications are even more dire. Without the liquidity to make higher monthly payments for healthcare premiums, an increasing number of patients are opting for plans with lower monthly costs and higher deductibles. In 2015, high-deductible health plans were the choice for less than 40% of the population; by 2020, that number was above 50%. In a medical emergency, p...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: AI/Machine Learning Ambulatory Communication and Patient Experience Healthcare IT Hospital - Health System Revenue Cycle Management Chiranjib Gupta Healthcare Affordability Healthcare Costs Medical Debt PayZen PayZen Care Card Risi Source Type: blogs