Why US Healthcare Billing Needs an Overhaul

The US healthcare system has the highest costs globally, leading to medical expenses as the main cause of bankruptcy. Many Americans avoid treatment due to costs, with $90B borrowed to pay for healthcare. While consumers struggle, UnitedHealth Group reported record revenue of $359.98B. The article shares a personal experience of being overcharged for routine healthcare procedures, highlighting the issue of up-coding and overbilling by health systems. Companies like nomedicaldebt.com help individuals dispute errors in medical bills. Insurers also face scrutiny for denying claims using AI. Legislative acts aim to increase price transparency and protect consumers from surprise medical bills. Fraud is another concern, costing the government billions annually. Startups and venture capitalists play a role in creating consumer marketplaces and leveraging price transparency data to empower consumers. Collaboration is needed among stakeholders to address the challenges of the healthcare system.

Source link