Geisinger unveiled a customizable approach to medical billing Thursday (Aug. 19) that uses artificial intelligence (AI) and allows patients to choose zero-interest payment plans that can be paid off over whatever timeframe they choose, according to a press release.
The company announced its partnership with FinTech startup PayZen on the AI-supported financing plan that generates customized billing offerings to help patients afford their medical expenses. Patients can pay Geisinger bills for out-of-pocket expenses exceeding $250 after insurance payments all at once or over several months with no fees or interest, the release stated.
“We understand that everyone’s financial situations are different, and it’s our obligation to make sure our patients don’t avoid or put off necessary care for financial reasons,” said Geisinger Chief Revenue Officer Robert Dewar in the release.
In the early stages of Geisinger’s new medical billing approach, 82 percent of patients enrolled, with those patients paying an average of $52 per month, the release stated.
“Out-of-pocket medical bills can put a strain on any patient’s household budget,” said PayZen CEO and Co-Founder Itzik Cohen in the release. “Geisinger is an early adopter of this technology that has the potential to revolutionize healthcare payments to better meet the needs of patients.”
About 44 percent of larger firms surveyed for “AI In Focus: Targeting Fraud, Waste And Abuse In Healthcare,” a collaboration between PYMNTS and Brighterion, a Mastercard company, have already invested in AI to combat fraud, waste and abuse.
Read more: 100 Healthcare Execs Speak Out On Using AI To Curb Fraud, Waste And Abuse
Almost 71 percent of the 100 healthcare executives who responded that are not using AI plan to invest in it within the next one to three years.
In other news, U.S. medical debt is in the range of $140 billion, and it’s now the biggest source of American debt in collections.
Read more: US Collection Agencies Trying To Recoup $140B In Consumer Medical Debt
The June Healthcare Payments Innovation Playbook by PYMNTS, done in collaboration with Rectangle Health, showed that more than one in five respondents paid all their most recent medical visits out-of-pocket.
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