Apple could combine health as well as fintech to get into medical billing

For Apple, the lowest-hanging fruit would likely be to make the item easier for health care providers, including doctors, to get paid on time. as well as simultaneously, to help patients see as well as pay their bills so they can avoid a hit to their credit score.

Consumer Reports has found which nearly 3 in 10 insured Americans had an unpaid medical debt sent to a collections agency, which impacted their credit. Of those, 24 percent didn’t realize the bill was owed as well as 13 percent said they’d never received the bill inside the first place.

There are many reasons why medical billing goes awry. Some medical bills don’t clearly define what the prices are for, which is actually confusing, or the patient doesn’t realize they were supposed to pay a different bill so they don’t look for one. At times, bills are sent to the wrong home address. Or, they’re higher than the patient expected as well as they don’t have an option to pay them off over time.

If Apple Pay were featured on iPads in every doctor’s office as well as hospital, suggests Otto, consumers could pay their fee or a co-payment up front, which would likely solve part of the problem for the consumers which are able to pay. Already, Cedar’s data is actually showing which some 5 percent of patients use Apple Pay, which represents about 10 percent of all mobile payments.

to raise which usage, Otto said, Apple would likely need to integrate with health providers. which might be possible for the company, as the item already features a huge team of salespeople working on bringing iPads into every hospital.

“In general, we’ve found which human beings want to pay their medical bill if they can afford the item as well as the process is actually transparent,” Otto said. “Very few people run out of a Starbucks without paying for their latte.”

Yet, he noted, only about 40% of the amount which medical providers bill ever gets paid today.