A lack of financial resources is not the only reason why individuals are not paying their medical bills, according to the results of a newly released survey.
Only half of those who were late paying a medical bill said it was because they couldn’t pay for financial reasons, according to the results of the survey, which was conducted by Waystar, a revenue cycle management firm. More than one-third of the survey’s participants — 37% to be exact — did not pay their medical bill because they thought it was covered by their health insurance. Another 19% said it was unclear how much they owed. Eighteen percent said the amount of the bill was incorrect, 16% said they forgot to pay it, and 13% said it was unclear when the payment was due.
When asked if they understood their medical bill, only 43% responded said they fully understood it, while another 33% said they understood most of it.
Interestingly enough, the stresses caused by the billing and payment portion of the healthcare visit are more than the stress caused with receiving the medical care in the first place for most individuals, according to the survey.
When asked what would make it easier to ensure that bills could be paid on time, 51% said they need financial assistance of some kind, 42% said they want a clearer explanation of what they owe and what is being covered by insurance, 38% said payment plan options, and 24 said a clearer explanation of when payments are due.
The interest in knowing how much a visit or procedure is going to cost is so great that 59% of the survey’s respondents said they would pay $50 out of their own pockets in exchange for receiving an upfront cost estimate for a medical procedure, hospital stay, or lab service.
