Healthcare CEOs: Get Ready for the Haters
Patients have signed their benefit forms, and they've signed up for insurance, but little do they know that they've gone from a $500 deductible to a $5,000 one. All of a sudden, a trip to the hospital and they have to come up with thousands of dollars to pay the bill. And they haven't budgeted for it.
Many hospitals are already suffering from huge bad debt burdens. Hospitals are at the end of the chain; they're the ones trying to collect the balance, and they have to explain to the patient why that is. It's not an easy conversation. And woe to the hospital that can't collect the patient's portion of the bill prior to service. It's certainly not easy to collect it after.
What hospitals are really left telling many patients is that they have poor insurance. Their coverage is little more than a catastrophic plan. Much of the rest is up to your patients and their employers, who are stuck with skyrocketing rates for that catastrophic coverage.
They're in for a rude awakening, and it's not your fault. But they'll be blaming you.
Philip Betbeze is senior leadership editor with HealthLeaders Media.
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