Four Ways Hospitals Can Help Covid-19 Patients with Their Bills (Without Suspending Billing)

1. Four Ways Hospitals Can Help Covid-19 Patients with Their Bills (Without Suspending Billing) Medical bills are the last thing that you want to be entitled to in between the COVID-19 pandemic. And there are many apparent reasons for this. The two most prevalent are the lengthy bills by the end of the treatment and the improper income due to an unpredictable economy. It was estimated that, on an average, an inpatient’s hospital admission cost for COVID-19 could rise to $20,000, which is again expected to shoot higher, if ventilator support is included during treatment. The further analysis performed by the Kaiser Family Foundation also stated that people who have employer health insurance could face an average out-of-pocket cost around or more than $1300. Similarly, those with high-deductible health insurance policies may have to pay as much $2000 or more out-of-pocket costs.

2. Such situations caused many people to avoid treatment in the first place, which skyrocketed the total number of COVID-19 cases. What’s New Since The Very First Day? Fortunately, the new laws were placed to expand the coverage of COVID-19 tests. Due to this, many insurers willingly waived-off cost-sharing for some COVID-19 cases. But you must also note that, with the days passing by, even hospitals are fighting to stay afloat, capital wise. Many rural hospitals are in financial crisis. Even they are struggling to create the proper payroll. This means they are turning to banks for loans. There are many staff members whose jobs are in danger due to layoffs. This likely decreases the chances of voluntary suspension of your bills. Although you may feel there are no ways to reduce the overall COVID-19 treatment cost. But there are many ways to negotiate hospital bills. You just need to have proper knowledge on what and when to be done. Here’s What You Can Do If you have an idea that the hospitals aren’t able to suspend the overall bills, they find another way out. Instead, focus on something that you can control, that is, the patient’s financial experience. As mentioned earlier, even though many payers have waived-off cost-sharing for COVID-19 treatment, but self-pay patients and commercial payers are still vulnerable to treatment costs. So, it is in the hands of the hospitals and health systems to prioritize a few resources to the patient. This way, a patient will have the propensity to pay off his bills. Let us see what the ways to get aid with medical bill expenses are. 1 Offer The Patients With The Financial Counsellor:

3. It is fair to say that every COVID-19 patient is entering the phase with fear. Out of the overall anxiety that a patient has, half of it will be related to finances. And with the rising cases of surprise bills from COVID-19 testing and treatment, people do not wish to get treated. However, introducing financial counselor or billing advocates like ClaimMedic the hospitals can ease the patient’s stress. Such organizations are well known to assist patients with price estimations. The patient can also understand the overall treatment required and how to tackle the bills effectively. 2 Payment Plans Should Be A Need-To-Have: Most patients have proper resources to take care of their medical expenses immediately. However, around 39% of Americans have said that they would not be able to pay an emergency bill of $400 without taking a loan. By introducing customized payment plans, the patients get empowered to pay their bills as per their convenience. Such programs are particularly beneficial for the uninsured and high deductible health plan patients. The hospitals can establish in-house payment plans or introduce a third-party vendor. Similarly, having a partnership with a local bank can prove useful too. 3 Should Offer Negotiating Option: Hospitals see hundreds, if not thousands of patients, daily. Although hospitals have an updated system, there are times when the bills have errors, which can be solved too. But in cases where there is no error in the bills, the hospital, doctor, or reception should offer a way for the patients to negotiate the bills. There should be no-interest payment plans. The patients should be offered discounts when they end up paying the cash at once. 4 Offer Government Assistance for Medical Bills:

4. Many government programs like Medicaid and state Children’s Health Insurance Programs (CHIP) offer fantastic medical expense assistance to people who cannot afford insurance. Since these programs are federally funded and state-administered, it will become a useful way to aid the patients. This way, even people who have income below certain thresholds can gain the right treatment. Bottom Line Now more than ever, the nation needs to hospital doors to be open. Although large hospitals have enough resources to maintain their size and still pause the patient’s bills but not every hospital has such leverage. By concentrating on the ways mentioned here, the financially vulnerable systems can help the patients. This way, the system can sustain and avoid the threat to the patient’s need for treatment. Content source