Business Solutions: Insured American's Lifetime Healthcare Expenses May Top $700K

Claude Royster is our guest on the MGMA Business Solutions podcast. Claude is vice president and general manager of Wellness at CareCredit, and he returns to the podcast to share findings from the Synchrony Lifetime of Healthcare Costs study. According to information from the report, "An insured American with an employer-sponsored health insurance plan can expect to spend more than $320,000 (including insurance premiums and out-of-pocket costs) during his/her adult lifetime. ... This number may be more than double — topping $700,000 — for Americans who purchase their own insurance (without employer or government subsidies) or for those who suffer from chronic illnesses such as diabetes, heart disease or cancer." Sources in this Episode: Lifetime of Healthcare Costs Study: https://www.carecredit.com/well-u/financial-health/lifetime-of-care-healthcare-costs/ CareCredit: https://www.carecredit.com/ Sponsor: CareCredit: From inflation to the rising cost of healthcare, in today’s economic environment many patients may delay or choose not to move forward with recommended care because of the cost. By accepting the CareCredit credit card, you can help more patients get the care they want and need — without delay — by offering a convenient way to pay for coinsurance, deductibles and care not covered by insurance. Plus, when patients use CareCredit, you receive payment in two business days — helping to increase cash flow and reduce self-pay receivables. Enhance the patient experience and help increase satisfaction and loyalty with CareCredit. For more information or to get started, visit carecredit.com/mgmapodcast. Resources: Ask an Advisor: www.mgma.com/ask-an-advisor MGMA Membership: www.mgma.com/membership MGMA Advocacy: www.mgma.com/advocacy MGMA Consulting: www.mgma.com/consulting/overview MGMAStat: mgma.com/mgmastat MGMA Awards: www.mgma.com/awards If you would like additional tools and resources related to medical practice leadership email us at podcasts@mgma.com. Thank you again for taking the time to listen to MGMA’s podcast network. Disclaimer: This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors [and/or medical providers] with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

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