The New Frontier in Cash-Friendly Healthcare
Just because a person is uninsured does not necessarily mean they can’t afford to pay out-of-pocket for routine healthcare. Thus, we are witnessing a growth in the self-pay healthcare sector, which is made up of the uninsured, as well as the insured with very high deductibles, who are shouldering a larger share of their healthcare costs.
Up through the early and mid 1900’s, healthcare was paid by cash or bartering for corn, chickens and casual labor. Now with diminishing reimbursements from insurance companies, many physicians are tapping into the self-pay healthcare sector, with discounts ranging from 50% to 75%.
Today, more and more self-pay patients are surfing the internet and social media for affordable, cash-friendly healthcare and diagnostics. According to Deloitte Consulting, over $100 BB in out-of-pocket expenses are paid by credit card each year.
Industry experts predict a continued increase in consumers making more decisions as to when, where and how they spend their healthcare dollars. Consequently, we are witnessing a steady rise in direct-to-consumer marketing and advertising for this growing self-pay healthcare sector.
Hundreds-of-thousands of self-pay patients across county lines, state lines and even go overseas for affordable healthcare and / or surgery.
In India, a herniated disc repair that would cost up to $90,000 in the U.S. is available for less than $10,000 - including airfare, hotel and meals.