Improving Financing and Reimbursement Options for Patients and Providers
Do you ever think about just how much surgical procedures cost? Well, for the uninsured patient, they can be upwards of a whopping 35 thousand dollars. And for those who are insured, even paying a chunk of that change is sure to make a dent in the wallet.
Since not many individuals will pay a surgical bill upfront, what are the financing options for these hefty procedures?
On today’s episode of Highway to Health, Host David Kemp speaks with Todd Watts, CEO and Co-Founder of PatientFi, to discuss how healthcare access may open up for patients by improving financing and reimbursement options.
There is no question that medical costs are inflated, especially for those who are uninsured. The cost even deters some patients from saying “yes” to receiving procedures.
“For everybody who doesn’t get a cash-pay procedure…40 percent of the people that otherwise would not have moved forward with a procedure, whether it’s a clinical procedure in an independent practice or a high deductible procedure, 40 percent of those people that said “no” would’ve moved forward if they’d been presented with a payment plan,” Watts explained.
Kemp and Watts also discussed…
- What PatientFi does to help patients afford the upfront cost of costly surgical procedures
- How PatientFi provides power to patients and reduces healthcare administrators’ workloads
- What PatientFi does to provide and deliver education to providers, patients, and other partners
Watts touched on how there is a movement toward giving patients more choice with their healthcare financing. “The government is starting to wise up to say, ‘Hey look, put the power of the choice of the financing options they’re picking and the patient needs to be the one deciding’…and I think that theme will continue…PatientFi has always had that theme of letting the practice stay out of the discussion, which I think is a benefit.”
Watts is CEO and Co-Founder at PatientFi, as well as a Managing Member at BCW Ventures. He has served in numerous financial positions in the past including: Associate for Wilshire Associates, Investment Banker for J.P. Morgan, and SVP and Head of Operations for Alphaeon Credit. Watts earned a B.S. in Business Administration, Management and Operations from the University of Southern California and his MBA in Finance and Financial Management Services from Yale University.