Situation of Medical Debt in America

Aug 18, 2022

The cost of healthcare in the US is increasing and the benefits that insurances provide are on a decrease. The situation has gotten so bad that people have started to choose to spend down on savings and skimp money on essentials just to be able to pay their medical bills. It is pivotal that we give serious thought to medical debt in America.

5 Statistics About Medical Debt in America

  • A quarter of Americans owe $10,000 or more in medical debt.  About half of them are medically insured. (Source: CNBC)
  • The number one reason for people in the USA reporting bankruptcy is directly credited to medical debts. (Source: CNBC)
  • About $88 billion in past-due medical debt was observed last year. The burden of healthcare costs and the inconveniences they carry affect both individuals and healthcare providers alike. (Source: The New York Times)
  • One in four Generation Z and Millennial Americans have skipped rent or mortgage payments due to outstanding medical debt. (HealthCare.com)
  • The average American consumer spends over $10,000 a year on health care. (Source: debt.org)

The healthcare industry is a caregiving industry and providers need to have compassion toward their patients when serving them. Having said that, debt collection from your customers is also an important part of keeping your business flourishing but doing it yourself can lead to losing precious time from caring for your patients. Thus, partnering with a debt collection agency experienced in medical debt collections can help you get the professional edge to increase your account receivables and improve your customer retention. Using an omnichannel platform to provide customers with a consistent experience throughout the process of debt collection is also imperative. It helps in creating a good customer experience and increases the value of your brand. OmniXP by First Credit Services is one such omnichannel platform that gives them just that. Our agents would respectfully work with your patients to update information, collect payments, and log any notes within your system to provide them with the best experience and build the reputation and value of your brand in the community.

At First Credit Services, we have 25+ years of experience in debt collection services. We provide the same quality of service that you would expect from your staff. You can trust us to take care of your delinquent accounts while you spend your time caring for your patients.

Contact us today to know how we can help.

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