Negotiating Medical Bills: Tips from Healthcare Experts on Reducing Costs
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The article discusses how some Americans have managed to negotiate lower medical bills. Patients can sometimes obtain a discount if they offer to make an immediate payment to their healthcare provider. Healthcare experts suggest that it is worth attempting to negotiate medical bills, although it is not a guaranteed strategy.
Negotiating Medical Bills: A Potential Financial Lifesaver
There is evidence to suggest that some Americans have successfully negotiated lower medical bills. By being proactive and engaging with medical billing offices, patients may secure a more affordable payment plan or even an immediate payment discount. This article shares advice from healthcare experts on how to go about negotiating a medical bill effectively.
The Art of Medical Bill Negotiation
In a study, Erin Duffy, a research scientist at USC specializing in health policy and economics, investigated strategies used by patients to save money by negotiating their medical bills. Initial evidence was anecdotal, with stories of patients receiving three options from billing offices – financial aid for low-income individuals, payment plans, or an immediate payment discount. A colleague reported their medical bill was halved upon immediate payment.
Duffy’s USC survey, which polled over 1,000 US adults about problematic medical bills, found less than two-thirds of recipients chose to challenge their bills. Despite this, it suggested that negotiation could be a fruitful strategy. Among those who contacted a billing office about a problematic bill, 49% received some form of price relief. Additionally, 62% of respondents who sought to negotiate a lower bill were successful.
Why Negotiate Medical Bills?
While Americans routinely negotiate various expenses, medical bills often go unquestioned. This is despite the fact that Americans collectively owe billions in medical debt and spend more on healthcare than any other developed nation. Duffy’s research indicates that while negotiation is not a guaranteed solution, it is worth trying, especially given that 5% of Americans, approximately 15 million people, have unpaid medical bills.
How to Negotiate Medical Bills
Before attempting to negotiate a bill, patients should ensure its accuracy by asking for itemized bills and appealing denied insurance claims. After checking eligibility for financial assistance, patients might consider asking for a reduction. A common negotiation approach involves offering to pay a certain amount immediately or by the end of the month. If negotiation fails, it might be beneficial to be put on a low or no-interest payment plan.
Why Don’t People Negotiate?
Despite potential benefits, many people don’t negotiate their medical bills. This could be due to the complexity of the US healthcare system, lack of awareness about negotiation possibilities, time constraints, or personality traits. Regardless of these hurdles, patients are encouraged to advocate for themselves and ask for what they need when faced with steep medical bills.
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