How much has it cost you over the years to have health insurance? Do you know what some of the shocking facts about the medical billing industry are? Have you ever thought about how much your health insurance rates have gone up over the years? The cost of health care is at an all-time high, and experts say it will keep going up.
In addition, high-deductible health plans are quickly becoming the norm, and health savings accounts (HSAs) are increasingly being utilized to manage financial duties, which means that the medical billing sector is under an increased amount of pressure to effectively explain payment responsibilities.
Research shows that people are 50% less likely to pay their bills after they leave the hospital. 70% of medical providers say it takes at least one month or longer to get money from a patient. 95% of patients say that if they could, they would pay their medical bills online. 40% of patients say they want their bills to be sent to them electronically.
In this article, we’ll tell you twenty (22) statistics about medical billing, including one of the most common medical billing trends that will really surprise you. So, without further ado, let’s get started!
22 STATISTICAL INSIGHTS FROM THE MEDICAL BILLING INDUSTRY
- According to statistics supplied by TransUnion Healthcare, 11% of United states patients saw an increase in expenditure in 2017. The total amount spent on out-of-pocket expenditures was more than $1,800, with more than half of these costs dropping below $500.
- According to Bloomberg, the annual medical billing fees that a family must pay may put them on the hook for a maximum and average out-of-pocket expenditure of $4,400 apiece.
- According to Bloomberg, health care costs for patients, including increased payments and deductibles, have increased by almost 30 percent since 2015.
- According to Bloomberg, the typical deductible for a health insurance policy in the United States is now $1,820; this means that these policies are classified as increased deductible health insurance plans.
- According to Bloomberg, the most significant collection challenge for medical billing in doctor’s offices with five or fewer practitioners is slow payment from consumers with high-deductible health insurance policies. This difficulty results from the fact that people with high-deductible health insurance plans are financially responsible for a bigger portion of their medical treatment.
- According to Bloomberg, 81 per cent of small medical operations in the United States do not include the notion of patient financial responsibility as a component of the services.
- According to research conducted by TransUnion Healthcare, 86 percent of consumers report receiving a paper bill from their healthcare services provider for any outstanding debt. When money is received, written checks and an explanation of payment are sent to 88 percent of providers, according to their responses.
- Newswire reports that 83% of medical billing organizations indicated they would use retail-style solutions and processes to benefit patients in understanding and keeping track of their entire treatment expenses. This is in response to the issue of growing pricing and unpaid debts.
- According to data published by TransUnion Healthcare, 85 percent of physicians in the medical billing industry prefer to get paid by EFT or ERA.
- When it comes to the process of collecting a payment from a patient, 90 percent of providers, as reported by TransUnion Healthcare, consider payment security to be of the utmost importance. However, 2016 was the year that witnessed the most data breaches in the medical billing business of any year in recorded history.
- According to data provided by TransUnion Healthcare, 59% of customers report having “serious” worries over the safety of their payments for medical bills.
- According to a study performed by the Urban Institute, 62 per cent of medical patients living in the USA are “often” or “occasionally” surprised by the total cost of their budget expenditures for medical treatments.
- According to study performed by TransUnion Healthcare, the cost of healthcare insurance in the United States continues to increase at a rate four times than that of inflation. Employees are responsible for paying $0.41 of every dollar spent on healthcare, which includes their part of premiums and the cost of benefits. By 2020, workers will cover more than 50% of these costs.
- A study conducted by AETNA found that the cost of providing uncompensated treatment had more than doubled in the previous ten years.
- According to the Urban Institute, three out of every four patients believe that having a better understanding of their overall out-of-pocket expenditures enhances their capacity to pay for the healthcare services they need.
- The Urban Institute reports that 54 percent of Americans believe their medical billing documentation, which may include their invoices, is either “always” or “sometimes” perplexing.
- The American Hospital Association reports that there are 75 million individuals who struggle to pay their medical expenses or who are currently making payments on some kind of medical debt. In 2005, there were just 58 million individuals who were in a similar predicament.
- In accordance with the Commonwealth Fund In the United States in the year 2012, hospitals delivered uncompensated medical treatment totaling 45.9 billion dollars’ worth to patients. That amounts to more than six percent of their total yearly healthcare costs.
- According to Finance system inc, the percentage of patients who are unable to pay off the remaining sums on their medical bills is predicted to reach 95% by the year 2020.
- Patient responsibility is projected to reach fifty percent of total healthcare expenditures by the year 2020, according to Finance system inc.
- Since the turn of the century, hospitals have reportedly supplied more than $538 billion worth of uncompensated care, as reported by Finance System, Inc.
- According to statistics published by the Pittsburgh Post-Gazette, the national average amount of outstanding debt is 3.3%. In regards to charitable organizations, the rate is 2.1%. In certain sections of the country, the share of total unsecured debt accounts in the healthcare industry might reach 9.9%.
TOP SIX MEDICAL BILLING INDUSTRY TRENDS
In the following paragraphs, we are going to do an in-depth study and have a discussion about the top medical trends that will surprise you, so let’s get started.
ELECTRONIC MEDICAL RECORDS (EMR)
Electronic health records have been in existence since the early 1970s. Initially, they were created on paper charts before being converted to digital formats. EMRs facilitate doctors’ access to patient records, notes, test findings, and prescriptions. Numerous hospitals use computers to do patient care duties such as prescribing prescriptions, ordering laboratory tests, arranging appointments, and storing electronic medical records. We anticipate that the future of medicine will continue to develop as technology evolves.
Patient-centred care entails taking the time to listen to the patient’s problems and concerns, as well as asking questions, obtaining answers, making decisions, and carrying out therapy. In today’s society, patients frequently have a variety of options to pick from, yet doctors may be unaware of the information consumers desire or require. Before initiating a treatment plan, providers should take the time to learn about the patient’s history and preferences.
COMPUTERIZED PRESCRIPTION MANAGEMENT
The number of medications prescribed annually continues to rise. Computerized prescription management systems aid in reducing drug mistakes and increasing productivity. These systems are intended to monitor, administer, and assess the effects of drugs. These systems give clinicians with the resources necessary to prescribe pharmaceuticals safely, lower prescription costs, and assure patient compliance.
HEALTH INFORMATION EXCHANGES
Health information exchanges facilitate the sharing of information between providers and the transfer of data between diverse groups. The objective of these systems is to enhance healthcare quality, eliminate medical errors, reduce costs, and encourage best practices. A health information exchange is exemplified by a system that allows one provider to examine the laboratory test results of another provider at no additional cost. A pharmacy program that allows consumers to report adverse drug reactions online would be another option.
Telemedicine is the delivery of medical services through telecommunications technologies. Rather than having to travel long distances for consultations, doctors can consult with specialists remotely. Regarding surgical and anaesthetic treatments, hospitals can provide remote consultations. Remote diagnosis can save lives, particularly in third-world nations with a shortage of skilled medical personnel.
CONSUMER HEALTH INFORMATION TECHNOLOGY
Consumer healthcare information technology is a broad category of technologies that improve digital communication and encourage consumer participation in healthcare activities and decisions. It comprises a variety of computerized technologies used to collect, process, analyze, and present data to assist patients in their day-to-day health management.
Furthermore, it also includes technologies such as smartphones, tablets, wearable gadgets, and internet-connected household appliances that can store and transmit pertinent personal health information. It is anticipated that the development of advanced consumer healthcare information technology will boost the health business as a whole, particularly in emerging nations with a low acceptance rate of digital health technologies.
In this article, we covered some of the most prevalent statistics and trends in the medical billing industry. Furthermore, in today’s healthcare environment, professionals frequently encounter an increasing need for patient care services. When patients seek medical care, they anticipate that their physicians would use the most advanced technology and provide the greatest quality care available.
Due to the high expense and rising complexity of hospital systems, however, many physicians feel pressed to perform treatments and deliver services they deem to be unnecessary. In fact, numerous physicians have experienced increasing workloads, higher charges, and decreased patient contact time compared to the past.
On the basis of a patient’s unique genetic makeup, doctors and researchers are presently developing more accurate and focused methods of treatment. We hope this article has inspired you; thank you for reading and see you later!