The kindest way one can describe the payments system in American healthcare is\u2026 complicated. Each year, nearly $200 billion in wasteful spending goes toward administration of healthcare payments.\u00a0While the overwhelming majority of Americans want price estimates upfront, half of the estimates they receive are inaccurate.\u00a0This causes millions of Americans to struggle with unexpected medical bills.\u00a0 Even for those on employer-sponsored insurance plans, many fear they could not afford a surprise medical bill.\u00a0<\/p>\n
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Why are medical costs so unpredictable?\u00a0 One reason is that high deductible health plans (HDHPs) are increasingly popular.\u00a0 Almost 20 million Americans are enrolled in high deductible plans.\u00a0The dark side of HDHPs is that patients who switch to them often have higher out-of-pocket costs, confusion about payment responsibility, and an increase in unexpected medical bills.<\/p>\n
On the side of healthcare providers, payment dysfunction is also a major pain.\u00a0A quarter of the wasted spending in healthcare<\/a> relates to time and money spent on issues related to payment management.\u00a0Payments come from insurance and consumers<\/a>, and each is processed at a different time in the payment cycle. Complicating the process further are denied claims.\u00a010% of insurance claims are denied, and 35% of denied claims are reworked.\u00a0The work required to resubmit claims costs up to 18 times the amount of a claim correctly filed the first time.\u00a0Eliminating the need to rework as low as 100 claims a month would save an average practice $37,000 per year. A hospital, on the other hand, could save $149,000 a year.\u00a0\u00a0<\/p>\n The cure to this money-sucking illness?\u00a0PracticeSquire.\u00a0PracticeSquire provides contactless check-in and payment platforms<\/a>.\u00a0They collect necessary data in pre-registration and confirm insurance coverage<\/a> and payment information on the day of appointments for accurate, upfront pricing estimates sent to everyone involved. Everyone can benefit from PracticeSquire.<\/p>\n Further reading: The Digital Future of Healthcare<\/a><\/p>\n <\/p>\n