What You Should Know:
- PayZen, a healthcare-focused technology company tackling healthcare affordability with AI-powered solutions, today released its latest industry report titled The High Cost of Health: Analyzing America’s Healthcare Affordability Crisis.
- The report surveyed 1,007 Americans who had a hospital visit or surgery for themselves or a dependent in the last 24 months about the accessibility and affordability of healthcare in the US.
Navigating Healthcare Affordability in America: Insights and Solutions from the Frontlines
The report exposes troubling patterns in how Americans access healthcare, with a significant portion facing challenges in affording it. Key findings from the report include:
– 75% of respondents express concern about being able to cover unexpected medical expenses.
– On average, respondents report being able to afford a maximum monthly payment of $97 for out-of-pocket medical costs.
– Over a third (36%) have had to forgo necessary medical treatment in the past year due to financial constraints, and nearly 39% have delayed care for more than a year.
– As a consequence, many Americans resort to risky behaviors such as postponing appointments and skipping medications.
– Specifically, 36% of respondents have skipped or postponed medical care in the last 12 months due to costs, with uninsured individuals being particularly affected (83%).
– The types of healthcare skipped or delayed include preventive visits (49%), prescription drugs (48%), mental health care (40%), and diagnostic testing (39%).
– Skipping or postponing medical care leads to increased stress and anxiety (68%), exacerbated health issues (48%), and negative impacts on job performance or career advancement (26%).
– Uninsured individuals are more likely to delay medical care for over a year due to financial reasons (63%).
– Despite their inability to pay, a vast majority (91%) of respondents express willingness to sacrifice luxuries to alleviate healthcare costs out of necessity.
The report underscores Americans’ optimism for extended payment options and technological advancements in healthcare affordability, with 77% supporting longer-term monthly payment plans and 75% advocating for multiple payment options over extended periods. PayZen, employing cutting-edge technology, endeavors to comprehensively tackle healthcare affordability issues, resulting in enhanced patient satisfaction and improved financial outcomes for healthcare providers. Through personalized payment plans, PayZen alleviates post-treatment financial burdens, while its innovative Care Card, offering both physical and virtual debit options, addresses deferred care due to cost, ultimately bolstering healthcare access and providing consumers with financial reassurance.
“These findings underscore the urgent need to address healthcare affordability issues to ensure equitable access to essential services and alleviate financial burdens on individuals and families,” says Itzik Cohen, Founder & CEO of PayZen. “It’s not a willingness to pay issue, it’s a financial capacity to pay problem”.We’re emboldened by the findings in this report to continue our mission to bring financial health to healthcare, and restore people’s autonomy when it comes to their financial and physical health.”
