1 in 5 Medicare beneficiaries spend 1/2 or more than 1/2 of their monthly incomes on healthcare expenses
Statistic Info
Those healthcare expenses include premiums, prescription drugs, and other costs not covered through fee-for-service Medicare. However, for over a quarter of Medicare recipients, Medicare premiums were their highest healthcare costs.
Author: HealthPayerIntelligence
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Physician Practices
Coding Drives Up Medical Billing Costs in the US
1 in 5 adults say they or a family member have received an unexpected medical bill in 2022
90% of medical practices shared that costs have risen faster than revenues in 2022
20% of households in the United States have medical debt
Americans owe at least $195 billion in medical debt
75% of patients utilize either healthcare provider or payer/insurance websites
HIPAA compliance is not enough to protect patient records
Paid medical collection debt will no longer be included on consumer credit reports
Companies using incentive programs reported a 79% success rate
Revenue Management
Healthcare spending for all causes increased by $1.4 trillion
A denial rate of over 10% is a clear warning sign and a call to action
Paid medical collection debt will no longer be included on consumer credit reports
The slowly increasing claim denial rate stood at 23% in 2020
Companies using incentive programs reported a 79% success rate
More 2022 Stats
Coding Drives Up Medical Billing Costs in the US
The CDC is on high alert for signs of an aggressive flu season in the U.S.
Healthcare spending for all causes increased by $1.4 trillion
1 in 5 adults say they or a family member have received an unexpected medical bill in 2022
90% of medical practices shared that costs have risen faster than revenues in 2022
Pharmacies have administered 258 million doses of the authorized COVID-19 vaccine
Pharmacy revenue grew by $20 billion between 2020 & 2021