The more I read about the mess that is healthcare and medical accounts receivables, the more I realize it is going to take a long time before it gets sorted out. That leaves millions of Americans and thousands of doctors offices and hospitals with a serious problem; the economy seems to be getting better, but people are requiring more and more medical care. So people have less disposable income and higher deductible medical insurance plans. Therefore, health savings accounts are becoming more prevalent as the population is getting older and in more need of medical care. This is a perfect storm for creating an unmanageable medical accounts receivables balance.
Though the federal government is stepping in, the full impact of that will not be felt for years to come. That leaves a huge gap between the health care that people need right now and their ability to pay for it. Time magazine dedicated their March 12th issue to the problem of ever-increasing health care. The part that struck me was discussion around the size and scope of healthcare spending. The things that stood out the most to me were:
- $2.8 trillion in health care spending this year. TRILLION. In 2013. Just one year.
- 69% of those who claimed medical bankruptcy had insurance at the time. Having insurance no longer means you don’t have enormous medical bills.
- Healthcare spending is nearly five times the gross domestic product.
What does this mean for medical accounts receivables and MyLoans?
MyLoans enables medical providers to provide loans to their patients to ease the financial stress of health care. Since patients rarely know when a procedure or hospital stay is going to happen and how much it could cost, it is very difficult to maintain proper savings for such an event. Take a look at the infographic below, and you’ll realize that MyLoans provides financial institutions and medical providers with a great opportunity to help patients pay for the medical care they need.