Health-consumer friendly payment solutions: The opportunities. Listen here:
Approximately 90% of employees are enrolled in high deductible plans or about 44 million pay all their healthcare costs out-of-pocket which was an average of $1,240 in 2019. In the US when most cannot afford $400 when posed with an emergency medical bill, how do they afford to pay the out-of-pocket expense? As part of this conversation, you will hear diverse options that consumers have to pay for their medical expenses.
This podcast has 3 sections
- Setting the stage: This gives us an understanding of the consumer-centric payment industry
- Let’s talk unfiltered: Learn about FinTech with a reputation of predatory lending may be helping in healthcare!
The speakers also discussed:
- Despite US consumers carrying ~$15T in personal debt across mortgage, auto loans, credit card, etc. Do 0% interest & no-fee loans to consumers to pay their healthcare bills, perpetuate the problem of adding on more debt?
- Historically healthcare savings such as HSA, FSA’s have been distributed through the employers but have a very low take rate of 2-5%. So how do we distribute consumer-centric payment solutions and what challenges do they face?
- Given health outcomes in the US have gotten worse mostly due to consumer lifestyle choices, is there an opportunity to connect behaviors to access to funds?
- Looking into the future: We discussed how healthcare could help reverse climate change by encouraging better consumer lifestyles.
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