The increasing out-of-pocket costs are no longer an anecdotal observation for physicians; a new TransUnion Healthcare report shows the costs are rising significantly with clear consequences, according to a Fox Business report.
Here are five key notes from the report:
1. Out-of-pocket costs for patients were up 11 percent last year.
2. Patient deductible increased nearly 7 percent last year.
3. In the fourth quarter of 2014, deductibles were on average $1,133.
4. In healthcare costs, for every $100 spent consumers reported $1,350 in revolving credit during the fourth quarter of 2014.
5. Some patients qualify for charity care, but when hospitals can't provide the charitable care it becomes more bad debt for the patients when they're unable to make payments.
The report shows patients are feeling pressure from the increasing healthcare costs, exacerbated by a slow economy that makes it difficult to pay. Healthcare insurance is expensive, and many employers are looking at an average 20 percent increase in premiums.
The larger out-of-pocket costs could spell trouble for providers who can't collect and patients who are unable to pay, potentially also lowering access to care, especially for elective procedures.