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Is Healthcare Ready For Installment Payments?

For so many families throughout the United States, healthcare costs have risen dramatically, with no reprieve in sight. In 2017, healthcare spending grew 3.9% reaching $3.5 trillion (18% of GDP, which is crazy!). If you break that down, that averages out to $10,739k per person, and that does not include monthly premiums. 

A large portion of the US population is left uninsured (approximately 44 million people) or underinsured (approximately 38 million), because of how costly healthcare has become. ⅓ of uninsured adults stated they have problems paying their bills, which could explain why so many avoid visiting the doctor regularly for preventative care – for fear of not being able to pay the bills. This could leave them more vulnerable to serious problems that would otherwise have been easily treatable. 

“[…]they’re at tremendous financial risk. They could lose everything that they’ve saved in their lives because of a fairly minor health problem.” Sherry Glied, PhD, Associate Professor of Public Health, Columbia University, responded in a PBS interview.

These issues continue to drive up healthcare costs for all. Why? Because the healthcare industry is afraid they won’t get paid for their services, so they pad their risk by increasing the prices of the insured population, the hospitals, the doctors and the government. 

What if installment payments were the way to ease the financial burden of healthcare costs?

What if there was a way we could create a payment solution that would help people buffer any surprise costs by spreading out their payments over time, reducing the burden of these bills, and ensure the healthcare industry that they will in fact get paid.

Just imagine for a second that when your doctor’s bill arrives in the mail, there was an alternative payment option available. You could either pay in full or you could pay in installments. And the installments came with options so you would know exactly what you would spend each month – spread out your payments over 3 months at 1/3x price, over 6 months at 1/6x price, or a year at 1/12x price. These payment amounts would be far more manageable for many to incorporate into their monthly budgets. 

Now, some doctors do offer this as an option, understanding the financial burdens some of their clients face. However, they often come with penalties for selecting the payments option, which only further punishes those who are already struggling financially. 

Splitit has a real solution

Splitit is the only credit card-based installment payment solution, which means that it doesn’t incur further credit on your behalf. It sits on your existing credit limits, putting a hold on what you have available to spend, which allows you to manage your own cash flow and budget according to your needs. 

A key driver that most Splitit payment users enjoy most is the ability to pay without fees or interest. In other words, choosing to spread the costs of your bill over time would not incur any penalties. You would just be dividing the total bill over the number of monthly installments you select. Also, Splitit’s installment payment option is a smart solution that does not require any credit checks or applications.

If this is something you, as a patient, wish to be able to take advantage of, ask your doctors office to offer Splitit as a solution. Oftentimes, it’s the customer (in this case patient) that dictates the changes and advancements in the services companies (or doctors, hospitals, etc.) provide. Splitit’s services could help millions receive better care with the knowledge that going to the doctor will not drive them into financial insecurity or that they might lose everything they worked so hard to save. 

The provider is secured in payment receipts and will never have to chase after a patient to pay their bill, because Splitit guarantees they are paid in full by reserving the full amount. 

If you are in the healthcare industry and are interested in learning how we could work together, contact us today to set up for a better tomorrow.

Kathryn Hayat (Content Contributor), February 16, 2020 Share this article

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