TransUnion Healthcare: 2021 Sees 55% Rise in Financial Assistance Transactions
TransUnion Healthcare reports a 55% increase in financial assistance transactions from September 2020 to September 2021, reflecting heightened financial pressure on patients and healthcare systems. A recent survey revealed that 35% of consumers deferred care due to existing medical bills. The company emphasizes the importance of transparent billing practices to improve patient outcomes and financial recovery for hospitals. Since 2018, financial assistance transactions have surged by 270%, highlighting an urgent need for effective financial communication in healthcare.
- 55% increase in financial assistance transactions (Sept 2020-Sept 2021).
- 270% increase in financial assistance transactions since 2018.
- Increased engagement of hospitals in addressing patient financial needs.
- 35% of consumers reported deferring healthcare due to medical bills.
- Financial pressure on healthcare systems exacerbated by the pandemic.
CHICAGO, Nov. 08, 2021 (GLOBE NEWSWIRE) -- The number of financial assistance transactions processed by TransUnion Healthcare increased
The data reflect millions of financial assistance transactions, from more than 1,000 hospitals and physician practices, conducted through TransUnion Healthcare in order to validate identity, determine charity options and assess a patients’ ability and propensity to pay. TransUnion Healthcare began collecting this data in September 2018 and has tracked an upward year-over-year trend, amounting to a
Financial Assistance Transactions Continue to Increase*
| Pct. Change September 2020-2021 | Pct. Change September 2019-2020 | Pct. Change September 2018-2019 |
| 55% | 49% | 60% |
*Data is a combination of increased overall transaction volume and an increase in the number of organizations using these transactions
“This data reflect the increased financial pressure on healthcare systems as well as patients who are struggling with the burden of high healthcare costs,” said Jonathan Wiik, principal of healthcare strategy at TransUnion Healthcare. “We are recommending that hospitals engage patients confidently and increase transparency and communication in regard to billing, beginning with providing patients a clear understanding of the cost of care at intake, and then streamlining financial clearance and charity screening throughout the revenue cycle.”
While the increased number of financial assistance transactions was likely exacerbated by the economic downturn caused by the pandemic, Wiik said other factors, like hospital billing practices also played a role.
Prior research by TransUnion found
Patient safety the primary concern
Along with its most recent data analysis, TransUnion Healthcare also conducted a consumer survey of patients’ healthcare billing experiences. The survey found
“It’s scary and sad to know people are forgoing their physical and mental health for fear that they’ll ruin their financial health with medical treatment,” said Wiik. “By communicating with patients early on, helping them understand their cost of care and their payment options—including financial assistance—healthcare systems can improve outcomes for patients as well as the hospital’s bottom line.”
Jonathan Wiik will present on this topic in depth at the HFMA Annual Conference, Tuesday, November 9, 1:30 p.m., CT, during his session, Socioeconomic Roulette: Driving Clinical and Financial Results for Vulnerable Populations.
Wiik will also be signing copies of his latest book, Healthcare Evolution: Helping Providers Get Paid in an Era of Uncertainty, at the TransUnion Healthcare conference booth (#1017), Tuesday, November 9, 5:30-6:30 p.m., CT.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
TransUnion Healthcare, a wholly owned subsidiary of TransUnion, makes mutual trust possible between patients, providers, and payers by helping them navigate payment complexities. Our solutions leverage comprehensive data, accurate insights and industry expertise to engage patients and health plan members early, ensure earned revenue gets paid, and optimize payment strategies. TransUnion Healthcare helps over 1,850 hospitals and 650,000 physicians collectively recover more than
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
http://www.transunionhealthcare.com
| Contact | Dave Blumberg |
| TransUnion | |
| david.blumberg@transunion.com | |
| Telephone | 312-972-6646 |
FAQ
What was the percentage increase in financial assistance transactions processed by TransUnion Healthcare?
How many consumers deferred healthcare due to medical bills according to TransUnion?
What is the total percentage increase in financial assistance transactions since 2018?
What is the primary concern raised in the analysis by TransUnion Healthcare?
