As the number of uninsured Americans declines, the number enrolled in high deductible healthcare plans (HDHPs) has significantly climbed, ultimately increasing the financial responsibility of patients. This shift in responsibility from insurance companies to patients has caused healthcare organizations to see an increase in bad debt.
Patients are more involved with the financial side of healthcare than ever before. With the rise of high deductible healthcare plans and increased out-of-pocket costs, patients are looking for support from their providers. 95% of patients reported that knowing out-of-pocket expenses upfront is important, yet only 59% reported discussing out-of-pocket expenses with their provider before treatment. Patients seek out providers that not only offer premium care, but also a transparent and simplified financial experience.