According to a recent report by the Consumer Financial Protection Bureau (CFPB), 42.9 million people have unpaid medical debts. The report explains that medical bills put 20 percent of U.S. consumers in a debt collection scenario. CFPB director Richard Cordray explains, “When people fall ill and end up at the hospital with unexpected bills, far too often they have entered into a financial maze.” On average, an individual with some form of overdue medical debt owes $1,766. An individual with unpaid medical bills and other sources of debt, possibly credit cards or back taxes, owes an average of $5,638. More than half of all debt on credit reports in the U.S. comes from medical expenses.
Debt from medical expenses is widespread because patients often need to go through with a treatment or procedure regardless of how much money they have in the bank. Patients should not have to skip needed treatment because of affordability issues. American HealthCare Lending (AHCL) is a patient financing company that is striving to make a difference by making healthcare affordable. AHCL provides patients with access to a healthy alternative when they cannot afford the treatment they need.
There are many patients receiving care in industries such as fertility, plastic surgery and bariatric surgery. These patients are struggling to pay for the care and treatment they need because insurance will rarely cover treatment. In the case that it does, high deductible plans are forcing individuals to pay more out-of-pocket before their coverage kicks in. This is why patient financing in health care offices is becoming critical. The AHCL financing platform allows healthcare providers nationwide to offer access to affordable financing to their patients, which allows the patient to pay off the expense over time, with longer term lengths and lower interest rates. If the patient cannot qualify for a loan through AHCL, a loved one or a friend can inquire on behalf of the patient. In less than two minutes, the patient can receive a loan approval without affecting their credit. The loans provided are a healthy option, with no pre-payment penalties or retroactive interest.
Healthcare providers can help more of their patients afford their services with the nation’s leading online financing platform for healthcare providers, American HealthCare Lending.
Call 888.602.6066 to speak with a patient financing specialist today.