Patient Financing May Result In Horrifying And Health Destroying Debts


It is a good intent by the governments to extend financing to patients, especially when most of them are found to be struggling with their medical bills. These medical expenses can really shoot up to the sky as soon as one gets admitted to a hospital for a particular treatment.

However, in most of the cases it is found that these loans unfortunately lead them to debt which is most horrifying. This is because it leads to several complications such as:

  • In managing their finance and debt and
  • It also affects their health in a negative way both mentally as well as physically.

If you take a look at the recent estimate of the World Health Organization you will notice a few startling facts. A few of these facts include:

  • About 25 million households or to be precise more than 100 million people every year are forced to live in poverty due to their illness and their struggle pay for such expenses.
  • In addition to that, there is a lack of the basic features of health care infrastructure especially in the rural and remote areas which aggravates the health conditions of the people especially the poor leaving them in an unending state of poverty.

This signifies that there is a constant battle between availing health care services and living in property. The access to health care services as well as health protection is the primary component. This will ensure that:

  • It drives economic development and at the same time
  • It necessitates the climb out of poverty especially for the poorest nations.

This is possible only when there is an efficient healthcare system. This is the only and most critical tool that will help the nations and its people to come out from the vicious cycle of poor health, poverty and debt as well.

Integrating medicine and technology

There is an integration of medicine and technology noticed in these years as well which has eliminated the old tradition of the people with enough money only are entitled to receive the best health care.

Nowadays, the primary objective of the health care providers is to make health care services more accessible to all. This literally has led to a total revamp in the health care sector. In order to ensure that, several health care sectors as well as the finance providers are making a lot of efforts those are effective as well as more innovative. These are:

  • Health care providers are now typing up with FinTech companies and
  • They are also setting up exclusive merchant portals which will help the patients to obtain funding assistance more easily.

In addition to that, several online money lenders such as Liberty Lending and others have now created a separate portfolio for health care funding. This has enabled the patients to go all out, secure a fund and return for the desired treatment without requiring taking a consult.

All these initiatives are helping the patients in a great way and even to those people who come from the grass root level. That means, modern alternative lending and crowdsourcing are helping people from all walks of life and strata of the society to live a healthy life.

The face value

Now, the question is whether or not this integration of medicine and finance together has helped the people, especially the poor to live a life debt free just has it has helped the health care industry in bringing in revolutions in their service.

If you look deeply, you will find one thing for sure, just as owning and running a health care business is posing more challenge now, it has also pushed the common people in a horrible state of debt with these health loans.

  • While the focus of the health care professionals is on delivering the highest quality of health care to people, the focus of the patients is on how to deal with their debt to secure their future.
  • On the other hand, it has helped the health care providers to deal with the slower business cycle, slower insurance reimbursements and the mandatory technology and equipment upgrade regulation it has increased the debt burden of the patients leading them to deteriorating their health further.

Therefore, such financial assistances provided in the health care sector which was primarily designed with an intent to help both the patients as well as the health care providers, have eventually turned out to be the benefit for the health care sectors basically.

  • The health care providers deserve such lender who will provide healthcare practice and medical office financing that are more tailored to meet the businesses specific needs to overcome the challenges of running such a business.
  • The patients also get monetary assistance according to their needs but when it comes to make the repayments they are often found to be in dire straits than the health care professionals.

Therefore, according to the experts in the industry, these health loans are said to have reduced face value as far as the patients are concerned.

Dealing with debts

It is not a surprise that dealing with debt can cause serious headaches. There are several other health problems that may stem from debt and destroy your health. This can not only affect your physical health but also your mental health as well.

The different ways it can affect both areas of your health includes isolation. This is the result of the depression that is caused by the debt pressure when people shut them out of lives. In addition to that, debt can result in difficulty fighting illness as debt stress may ramp up production of cortisol and adrenaline and affect the immune system. It may also result in severe chemical imbalance in the brain resulting in several mental health issues.

This means that though these financial assistances are revolving in nature with minimal rate of interest and the initially approved limit is according to the means of the borrower, it only helps the health care businesses with lots of opportunities to stay more than afloat and the patients much less than that.

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