In the time of information accessibility, patients are still left in the dark when it comes to their insurance coverage, which leads to surprise medical bills flooding one out of five American mailboxes. This distress creates a negative ripple effect that not only disrupts their financial situation but also affects labs. How did this happen?
According to Kaiser Family Foundation, 72% of health plans sold through the Affordable Care Act have limited options of services for patients.1 As a result, patients may not be able to receive the required care without risking exposure to an out-of-network service provider. The motivation behind this healthcare reform is to create accessibility and affordability. Unfortunately, it has limited options and has created confusion, which resulted in patients getting stuck with expensive and unexpected medical bills.
Based on a survey conducted by the University of Chicago, 51% of surprise bills were charged by labs which equates to a high-effort/ low-reward scenario and eventually lost revenue.2 The fact is that medical bills hold the last place on an American’s priority list for debt repayment when compared against education, housing, and auto expenses.3