What you should know:
– The number of financial assistance transactions processed by TransUnion Healthcare increased by 55% between September 2020 and September 2021, according to a new TransUnion Healthcare analysis published at the HFMA Annual Conference indicates that hospitals work more proactive with patients to understand their financial needs and offer appropriate options.
– The data reflects millions of financial care transactions, from more than 1,000 hospitals and medical offices, conducted through TransUnion Healthcare to validate identity, determine charitable options, and assess patients ’ability and willingness to pay. TransUnion Healthcare began collecting this data in September 2018 and has followed a year-on-year upward trend, which has led to a 270% increase since then.
– While the increase in the number of financial assistance transactions was probably exacerbated by the economic recession caused by the pandemic, other factors, such as hospital billing practices, also played an important role. A previous TransUnion survey found that 70% of patients said knowing the costs before a procedure helps them anticipate charges and the budget for payments, and 65% said they would make at least a down payment if provide an advance estimate.
Patient safety is the main concern
Along with its most recent data analysis, TransUnion Healthcare also conducted a consumer survey on patients ’healthcare billing experiences. The survey found that 35% of people with outstanding medical bills said those bills deterred them from seeking health care in the past 12 months.
“These data reflect the increased financial pressure on healthcare systems as well as patients struggling with the burden of high healthcare costs,” said Jonathan Wiik, director of healthcare strategy at TransUnion Healthcare. “We recommend that hospitals engage patients with confidence and increase transparency and communication regarding billing, starting by providing patients with a clear understanding of the cost of care to intake and then streamlining financial authorization. and charitable control throughout the income cycle. “