Of all debts, medical bills can be the highest and the worst. In the case of catastrophic diseases people have sold their homes to pay these debts, and many have ended up destitute afterwards. A 2009 poll has shown that one in five Americans are in serious financial trouble because of medical bills. However, it is possible to negotiate medical bills if you’re aware of what’s driving the charges. Depending on who pays the bill, a hospital may have more than a dozen different rates for the same procedure. The typical insurer gets a 60% discount. Basically, all medical providers, labs, and hospitals are used to haggle with insurers on a regular basis.
Reportedly, the hospital industry’s losses are up more than 50 percent over the last year so they may prefer a payment plan rather than writing off a bad debt. In general, healthcare providers’ unpaid bills add up to an estimated $150 billion dollars right now, but many or these balances are under $1000, so that collecting on them is difficult and cumbersome.
With the national unemployment rate at over eight percent, doctors are aware that their patients may be struggling after having lost their job and their health insurance. Some physicians will ask their long-term patients if they still have a job and insurance before letting them know their bills are negotiable. One large clinical lab, Quest Diagnostics, offers an interest-free payment plan, or financial assistance for patients who face real hardship.
Most consumers don’t pay 100% of hospital charges. If you’re destitute and have no insurance, show the hospital proof of your situation to qualify for charitable care. Otherwise, you may be able to pay your balance in installments or monthly with no interest. When facing surgery you can politely make an offer by telling them you’d hope to pay the lowest rate they give insurance companies.
You can also speak with the Chief Financial Officer and ask for a 30 percent discount Whatever kind of charges you will face, check with an office manager to learn who is in charge of billing—a billing manager or an accounting department. It’s up to them how much they will give you. A survey by Consumer Deports National Research Center found that about a third of Americans have tried to negotiate medical bills and of those, 93% has been successful at least once.
If you are looking at a pile of unpaid medical bills, the collectors are calling, and you don’t know how you are going to pay, it’s time to contact Fast Track. Fast Track’s experienced financial specialists will negotiate with your creditors and encourage them to accept a one-time, discounted settlement payment. Fast Track’s ethical and dedicated service can help you settle your medical bills.
When we start your plan we establish an affordable monthly payment which is deposited in a settlement account in your name. Once you have the required funds in your settlement account, we will contact your creditors and make settlement offers. We will continue to work with them until all debts in the plan have been settled. FastTrack’s goal is to settle all debts in the plan for 40%-60% of what you owe.
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