3 Ways to Improve Patients’ Financial Literacy
Medical debt, an increasingly prevalent burden, has seeped into nearly 1-in-5 U.S. households, revealing a stark reality: the struggle with overdue medical bills is not confined to the fringes but is a middle-class predicament affecting approximately 17 million people. This alarming statistic underscores a deeper issue in our healthcare system – a complexity that often leaves patients confused by what they owe versus what their insurance covers. According to the insights provided by the Kaiser Family Foundation (KFF), almost half of all adults would find it difficult to pay a sudden medical bill of $500 without borrowing. This vulnerability is further compounded by widespread confusion over standard insurance terms like “in-network,” “deductible,” and “copay.” A survey by KFF revealed that 51% of insured adults find at least one aspect of their health insurance confusing.
This article discusses practical strategies to improve patient understanding and reduce the impact of medical debt. Three approaches explored are:
- Implementing transparency in operations
- Offering flexible payment methods and plans
- Integrating convenience into the financial experience
These strategies aim to ease the burden of medical debt and align healthcare with the efficiency and clarity expected in other industries.
3 Ways to Improve Patients’ Financial Literacy (Welch, Physicians Practice, 1/8).
