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What I don’t understand is why hospitals will sell debt for pennies on the dollar to debt collectors, but won’t make the same offer to patients. If they give a
by Johnny555 3y ago
What I don’t understand is why hospitals will sell debt for pennies on the dollar to debt collectors, but won’t make the same offer to patients. If they give a patient with $100k of medical debt an offer to pay it off for $1500, I bet they’d clear a lot more debt.
- xenospn 3y agoBecause then, everyone would wait until the hospital gives up and offers them to pay pennies on the dollar.
- deleted 3y ago[deleted]
- 082349872349872 3y agoWhen I was without health insurance in the US and broke a bone, I asked the hospital if they'd give me a discount for a cash payment. It turns out not having to hassle with insurance companies and/or debt collection was worth 50% to them, as they immediately dropped my bill by half.
- Johnny555 3y agoA 50% discount still sounds like more than an insurance negotiated rate, my insurance paid about 20% of the list price for an MRI. They gave you a ”deal” that was likely more than they’d get from insurance if you had it. I’ve long believed that cash payers should be charged the lowest negotiated rate for services. It's a scam that insurance companies pay so much less than a cash payer.