In this episode, we are joined by Hank Cardello, Executive Director of Leadership Solutions at Georgetown University’s Business for Impact to discuss a recent white paper on medical debt and how care providers and business innovators are working together to solve this national crisis. Tune in to hear the primary findings and recommendations for care providers and third-party collections, as well as technologies and solutions being introduced to the market. This episode is sponsored by Capio.
Summary
Exploring Medical Debt: Solutions and Innovations
Introduction
Join us in this episode as we discuss a recent white paper on medical debt with Hank Cardello, Executive Director of Leadership Solutions at Georgetown University’s Business for Impact. Medical debt is a national crisis that affects a large portion of the population, especially those in the second lowest quintile of earners. In this article, we will delve into the primary findings and recommendations for care providers and third-party collections, as well as technologies and solutions being introduced to the market.
The White Paper's Findings
The white paper revealed that medical debt is a unique kind of debt that is often unplanned and expensive, and the primary culprit is high deductibles. In addition, Alice consumers—those who are asset limited, income constrained, and employed—are at most risk from medical debt. With the current economic environment, Hank is increasingly concerned about this issue.
Care Providers and Financial Management
Care providers need to be transparent and provide patients with resources to help them manage their finances. Charitable care and forgiveness can play a role in helping with medical debt but are not a solution for all. Technology such as financial wellness tools that advise on payments and settlements can help patients become financially healthy.
Innovations and Solutions
The white paper discussed a new market solution called "Patient Financial Responsibility" which means that patients have an obligation to pay for their medical bills, just as they are responsible for any other bills. Hank says they have seen this strategy work with other consumer debt. Other solutions include non-profit and philanthropic entities, financial counseling, and assistance programs.
This episode is sponsored by Capio. Listen in on our podcast as we explore medical debt and the solutions and innovations that are being introduced to the market.
Note: This is an AI generated transcript, not edited by a staff writer and is solely intended for educational purposes. If you have any questions/concerns, reach out to podcasts@beckershealthcare.com
This episode aired on 12/08/2022 and can be listened here.
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