Financial Assistance Impact on Chronic Illnesses
The increasing need for chronic disease management has created a financially toxic situation for the US healthcare industry. Although many of the top chronic diseases in America are often preventable, healthcare payors and patients spend billions of dollars monthly treating these illnesses. According to the Centers for Disease Control and Prevention, CDC, the top eight chronic illnesses impacting Americans are:
- Heart Disease and Stroke
- Alzheimer’s Disease
- Tooth Decay
Five years ago, “healthcare spending reached a total of 3.2 trillion dollars.”1 The CDC stated that, “90 percent of national healthcare spending goes toward chronic disease management and mental healthcare, which means that strong mental health and chronic disease prevention strategies can help reduce payer spending.”2
The long-term burden of these common diseases has turned the term “financial toxicity” into a common reality in many conversations during treatment. Becker’s recently reported that Americans have $45B worth of medical debt in collections, a 7% increase from last year. Roughly one in every two people in this country have medical debt, some with over $50K. According to the American Public Health Association, the most common reason for bankruptcy during the 21st century has been medical issues, triggering up to two thirds of financial insolvencies.
This is why Amitech Solutions built FlintFA™, a financial assistance automated program. FlintFA is the latest product in Amitech’s suite of RPA technology providing value to hospitals and cancer care centers. FlintFA identifies and processes funds allocated by financial assistance foundations and pharmaceutical manufacturers reducing the manual burden on financial counselors and patients. By using data automation, financial counselors can prioritize their time with patients enabling them to get the best care instead of worrying about the financial struggles associated with their treatment.
Click here to find out more about medical debt in America today or learn more here how Amitech’s Flint™ suite of RPA technology is making healthcare better for hospitals and cancer treatment centers while providing value.