Patients aren't as likely to have problems paying their medical bills if they get information such as out-of-pocket cost estimates up front, according to a recent TransUnion Healthcare survey.
According to TransUnion, a medical necessity software program can provide real-time verification of patients' insurance eligibility and benefits, allowing providers to avoid billing errors and give patients information about their financial responsibilities before treatment. According to the Medicare industry, hospitals without medical necessity programs face an average of $960,000 in denials each year and an average cost of $53 to $117 per denied claim.
Here are three key takeaways from TransUnion's survey of 700 insured consumers about upfront cost estimates and medical bills:
1. Of those surveyed, 75 percent said pre-treatment out-of-pocket cost estimates would improve their ability to pay their bills.
2. Fifty-six percent of patients rarely or never received an out-of-pocket cost estimate prior to treatment.
3. Nearly six in 10 (59 percent) said they have been surprised by what they owed when they received a final medical bill.
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