By Srulik Dvorsky, CEO and co-founder, TailorMed.
The rising out-of-pocket costs from health insurance is one of the most common barriers to health care for patients. According to a recent study, 46 million people cannot afford needed care. With significant increases in job loss due to COVID-19, many people have become uninsured and are deferring care, which consequently places financial burdens on healthcare systems.
Further, many patients who are uninsured or underinsured don’t know there are financial resources available that could help lower their out-of-pocket costs. Providers are in the unique position to adopt strategies to help remove barriers to treatment using technology, particularly for those struggling to afford care. These can lead to better financial outcomes for both the patient and provider.
Here are four ways technology is helping providers remove financial barriers to care:
Predictive analytics. Healthcare organizations can leverage predictive analytics to proactively identify patients at risk of not affording treatment – and mitigate the financial and personal stress that comes with receiving a costly medical bill post treatment. Providers can analyze patient data including income, propensity to pay, health insurance out-of-pocket cost, and treatment plan to assess financial risk. It can also help prioritize which patients have the highest probability of not affording high-cost care. This level of visibility can help providers identify more patients upstream needing financial care and take the next steps toward reducing the financial burden.