Paid medical collection debt will no longer be included on consumer credit reports

Statistic Info

Starting on July 1, medical collection debt that is paid will no longer be included on consumer credit reports. The time period before unpaid medical collection debt would appear on a consumer’s report will be increased from 6 months to one year, giving people more time to address their debt with insurance and healthcare providers before it is reported.

Author: Fox Business

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Mental & Behavioral Health

The prevalence of mental illness is about equal among beneficiaries enrolled in traditional Medicare (31%) and those in Medicare Advantage plans (28%)

77% of executives are concerned with the lack of funding for addressing behavioral health and addiction issues

Over 70 % of state Medicaid programs reported at least one strategy to incentivize provider participation in Medicaid, helping to alleviate the behavioral health workforce shortage

Having one or more Outpatient Behavioral Health Treatment visits was associated with lower medical & pharmacy costs during 15 & 27-month follow-up periods

Behavioral Health Inequities Have Cost the US Health Care System Over $278B

67% of U.S. employers plan to make employee mental health & emotional well-being programs & solutions one of their top three health priorities

19.86% of adults are experiencing a mental illness

The American Rescue Plan Act, introduced in January 2021, put $12 billion toward mental healthcare & substance abuse care in Medicaid home & community-based services (HCBS).

Mental health visits are five times more likely to be out of network than primary or specialty care

Mental health visits are 5x more likely to be out of network than primary or specialty care

Physician Practices

Nearly 1/3 of beneficiaries age 65+ said they turn to an insurance broker or agent

88% of physicians describe the prior authorization burden as high or extremely high

Approximately 80% of physicians also said prior authorizations at least sometimes result in treatment abandonment

With prescription drug prices rising at an average rate of 31.6%, physicians can expect patients to search for solutions to their expensive prescription bills

Managing provider preferences is the top scheduling challenge, according to 31% of executives surveyed

44% of healthcare businesses plan to implement customer experience strategies in 2023

57% of physicians say social media changed their views on medications

Prior authorizations are a paperwork burden that takes up physicians’ & staff’s time while delaying care for patients, according to 93% of doctors surveyed by AMA

52% of U.S. patients said healthcare providers dismiss their described symptoms

Nearly 75% of patients turn to online reviews as the first step when searching for a new physician

Revenue Management

Healthcare organizations will increase their cybersecurity budgets, in some cases by more than 15% compared to 2022

Demand for contract labor costs this year should normalize at about 60% higher than 2019 levels

Medicare Advantage enrollment is expected to reach a milestone this year, exceeding 50% of the total Medicare population in 2023

An estimated 5 million to 14 million are expected to lose coverage as states resume eligibility checks

63% of CEOs identified inadequate Medicaid reimbursement as a concern

Over the last year, medical care prices grew by 3.1%

The researchers found that, overall, medical deductibles were higher in 2023 than in 2022

The healthcare industry could save almost $25 billion, or 41%, by fully automating administrative transactions

Smaller party annual revenues exceeded $1 billion in more than 15% of last year’s transactions, coming in just below the previous year’s historic high of 16.3%

The federal budget will extend incentive payments for alternative payment models for an additional year, through 2025. However, the incentive payments will be at 3.5% instead of 5%

More 2022 Stats

Telehealth utilization rose 5.5% in December, up slightly from November, according to Fair Health’s national monthly tracker

52% of U.S. patients said healthcare providers dismiss their described symptoms

Researchers found that 8.3 million Medicare beneficiaries participated in a telehealth visit, & of these, 5% had one or more out-of-state telehealth visits

Telehealth, physician payment, training more doctors & pandemic preparedness are among the health care provisions in the federal government’s $1.7 trillion budget for 2023

The federal budget will extend incentive payments for alternative payment models for an additional year, through 2025. However, the incentive payments will be at 3.5% instead of 5%

Although specialty medications total roughly 2% of prescribed drugs, they account for more than 52% of all pharmacy spending

Nearly 40% of Americans are confused by medical bills

Federally-facilitated Exchange Improper Payment Rate Less Than 1% in Initial Data Release

Medicare physician pay has declined 22% from 2001 to 2021

76% of healthcare leaders indicate they think inflation will have a significant impact on their strategy