We’ve all heard — or experienced — our share of healthcare horror stories. While some of those tales relate to the treatment side of things, the majority of these tales stem from the financial side of healthcare. Healthcare spending tends to be unexpected, unplanned, and unpredictable. And medical billing is a nightmare — it’s not unusual for people to deal with a steady stream of charges six months after receiving care.
This financial stress can cause workers to hesitate when health concerns arise, making them more likely to defer or forgo a visit to their doctor, dentist, or optometrist in hopes that their symptoms will go away. But when members make the impossible choice between their physical and financial health, nobody wins.
Paytient soothes this financial headache. By giving members access to a Health Payment Account (HPA), we empower them to pay care costs for their whole family — over time, and without any interest or fees. An HPA works regardless of a person’s health plan or other benefits, making it simple for anyone to turn unplanned healthcare costs into affordable payment plans.
Our HPAs also benefit the employers that offer them. This benefit is a great way to advance health equity, retain members, and ease a transition to a higher deductible health plan. A small investment in Paytient can unlock productivity and cost savings across an organization.
How do we know? Our in-house actuaries did the math to calculate the costs and HPA can relieve them. Through reduced worker absences, employee turnover, and deferred medical care, we estimate a benefit like Paytient saves about $19 per member per month.
Through a benefit like HPAs, members have a healthier way to pay for life’s unexpected expenses. Given record-setting inflation and an overall uncertain economy, workers truly appreciate some added financial peace of mind.
